U.S. stocks rallied on Friday on news of President Donald Trump moving ahead with deregulation action and a strong January jobs report.
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In an interview with the FOX Business Network’s Maria Bartiromo, former Paine Webber CEO Joe Grano said Trump’s unorthodox decisions and rapid pace of fulfilling his campaign promises may be affecting the markets.
“I think he just has to move a little bit slower because he is spooking the markets and relative constituents by going too fast,” Grano said.
Trump signed an executive order on Friday to scale back Dodd-Frank and dismantle much of the regulations rolled out in 2010 following the height of the financial crisis.
Grano said the rules enforced by Dodd-Frank were very cumbersome and expensive, costing corporate America an estimated 24 million labor hours.
“There are aspects of Dodd-Frank that you may want to keep. The stress testing for instance or not letting the financials get into proprietary positions or over leverage, I agree with that, but there is a lot of redundancy,” he said.