Former Reagan economist Art Laffer and Unleash Prosperity co-founder Steve Moore discuss President Donald Trump’s deregulation and tax cuts on “Kudlow.”
CEO of the Citadel Ken Griffin sounded off on the impact of the Biden administration’s regulatory policies on the US economy, saying the Trump administration’s move to end the “regulatory onslaught” has come as a relief to entrepreneurs looking to grow their businesses.
Citadel’s billionaire co-founder spoke at the World Economic Forum on Wednesday, saying the Biden administration His heavy-handed approach to regulation created constant friction for companies like his.
“You can’t imagine how painful it was every day under the Biden administration to watch what new, crazy proposal was made to solve a problem that didn’t even exist,” he said.
“Our constant friction at Citadel, with the government over countless different aspects of our business, has been exhausting, and to literally put an end to that in one day – Election Day – just gives you so much energy as an entrepreneur to go back and build your damn business,” Griffin said.
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Citadel CEO Ken Griffin said American companies and entrepreneurs are relieved about the end of Biden-era regulatory policies. (Chandan Khanna/AFP via Getty Images)
Griffin added, “The biggest change I’ve seen among American executives was just the huge sigh of relief: ‘I can now focus on building my business.’”
He then cited an example of how the Biden administration’s policies affected the business community, noting that the Justice Department’s move to file an antitrust lawsuit to challenge the proposed acquisition of Spirit Airlines by JetBlue Airways had a direct impact on his business.
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Griffin said the Trump administration’s rollback of the Biden-era regulatory approach has given business a boost. (Kevin Dietsch/Stephen Maturen/Getty Images)
That’s what the DOJ has argued blocking JetBlue’s takeover of Spirit violated antitrust law and allegedly harmed consumers by giving them less choice between budget airlines and higher airfares.
‘We happened to be creditors of Spirit. Their merger with JetBlue was halted. Spirit is out of business today,” Griffin said.
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The Biden administration opposed JetBlue’s acquisition of Spirit on antitrust grounds. (Joe Cavaretta/South Florida Sun Sentinel/Tribune News Service via Getty Images)
“There were so many decisions that were so poorly thought out in terms of economic consequences; it cost the American economy a lot, I can’t stress that enough,” he added.
Griffin said that while the Trump administration did rolling back regulations Since the Biden era has made slow progress so far, the lighter approach to regulatory enforcement has been a boost for American companies and entrepreneurs since the president returned to the White House a year ago.
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“The Trump administration has been making slow progress on deregulation so far, but the end of the regulatory onslaught has simply been an extraordinary boom for American business,” Griffin said.
