Trump Calls For Moratorium On All New Financial Regulation

Following two weeks of controversy and falling numbers, the Trump Campaign is trying to regain control of its narrative and change course. Trump spoke to the Detroit Economic Club on August 8 and set out his economic agenda.

Trump’s biggest policy suggestion was placing a moratorium on all new financial regulations until “significant growth” is evidenced in the national economy, reports ThinkProgress. Trump added that America needs “to hit the pause buttons on these regulations so our businesses can reinvest in the economy.”

Trump has spent much of his campaign attacking Democratic presidential rival Hillary Clinton for her connection to Wall Street and suggesting she is “crooked” and “corrupt”.

According to NPR, Donald Trump named his team of economic advisers on August 5. The list includes many Wall Street and real estate moguls, including Steven Roth of Vornado Realty Trust, and Thomas J. Barrack, founder of Colony Capital. Trump’s team, however, was visibly short on actual economists – Peter Navarro and David Malpass being notable exceptions.

Beyond his proposed moratorium, Trump stated that the Obama administration had introduced a “record-breaking pace of new regulations”, along with new taxes and other policies, which have acted as a “lead-weight on the economy, an anchor dragging us down,” notes ThinkProgress.

Trump doubled down on his call to repeal the estate tax, and his call to lower the corporate tax rate to 15 percent.

“Detroit was once the once the economic envy of the world,” Trump added in his speech, reports the Detroit Free Press. “When we were governed by the America First policy, Detroit was absolutely booming … But for many living in this city, that dream has long ago vanished. When we abandoned the policy of America first, we started rebuilding other countries instead of our own. The skyscrapers went up in Beijing while factories and neighborhoods crumbled right here in Detroit.”

“A vote for Hillary Clinton is a vote for TPP and NAFTA,” Trump continued, pressing an issue (NAFTA) that is a sore topic in the Motor City. Trump then promised that his policies were pointed to the future.

“American cars will travel the roads, American planes will connect our cities and American ships will patrol the seas,” he stated. “American steel will send new skyscrapers soaring all over our country.”

Sources: ThinkProgress, Detroit Free Press, NPR / Photo Credit: Ryan Garza / Detroit Free Press