Significant Policy Changes Possible under a Donald Trump Presidency
With the election of Donald Trump to the Presidency along with Republican majorities in both chambers of Congress, significant and positive policy changes could be coming for U.S. businesses. To be sure, large uncertainty exists surrounding a Trump Presidency especially since he has never held public office before, but so far President-elect Trump has said a lot of the right things.
On the issue of health care, one of the top concerns for business owners, Trump has promised to repeal Obamacare and enact free-market policies that help lower costs. On taxes, Trump has repeatedly stated a desire to lower income tax on all companies to 15 percent. On federal regulations, Trump has promised to unleash the energy sector by placing a “temporary moratorium on all new energy regulation, canceling overarching executive orders and a thorough review to identify and eliminate unnecessary regulations that kill jobs and bloat government.” This should include rolling back President Obama’s Clean Power Plan rule and Waters of the U.S. rule, among others.
Along with energy regulation, President Trump must focus his efforts on reducing labor regulation. This should include repealing the Department of Labor’s new overtime rule that will raise employment costs and, according to the Congressional Budget Office (CBO), reduce real family income. It should also include a rejection of legislative efforts to raise the federal minimum wage.
President-elect Trump has also indicated a willingness to finally repeal Dodd-Frank, a failed consumer protection law passed in response to the economic recession of 2008 that raises the cost of making loans, codifies “too big to fail” policy, destroys local community banks, and reduces access to capital for small businesses.
House Financial Services Committee Chairman Jeb Hensarling (R-TX), who introduced legislation to repeal Dodd-Frank, is optimistic: “The president-elect has fortunately been outspoken – as I have been – on the need to repeal and replace Dodd-Frank, so I’m very encouraged by that. I have had a number of meetings with his transition team on the issue. I know, personally, it is something that Vice President-elect Pence is very enthusiastic about.”
While nothing is certain, business owners could have a lot to be excited about in the coming months. It’s up to conservative members of Congress and business owners across the country to help President-elect Trump keep these promises.