U.S. Chamber of Commerce President and CEO Tom Donohue said Wednesday President-elect Donald Trump should void the Labor Department’s fiduciary rule immediately after taking office.
Barbara Roper, director of investor protection at the Consumer Federation of America, responded in a tweet that if Trump did that, it would be a violation of federal law.
The chamber was one of the first to file suit against the regulation last year.
Donohue’s plea came after his annual “State of American Business” address in which he called on Trump and Congress to work hard to reform the regulatory process.
“Regulatory overkill,” notably the Dodd-Frank Act, is putting pressure on the financial system, he warned.
“In its opening days, the new Congress has made it clear that passing significant regulatory reform is a top priority. We could not be more pleased,” he said.
The chamber chief also called for Trump and Congress to significantly reduce individual tax rates.
He said there is a real possibility for once-in-a-generation tax reform.
“Our current tax code is suffocating American business and frustrating American families,” he said.
Looking at American business for 2017, Donohue said the Chamber is anticipating 2 percent to 2 ½ percent growth with 2 percent inflation.