Blackstone CEO Schwarzman excited by Trump's arrival at White House


Sharecast News | 12 Dec, 2016

Updated : 13:45

Steve Schwarzmann, the chairman and CEO of financial services and investment banking firm Blackstone, has spoken about his confidence in Donald Trump's ability to invigorate the US economy.

The private equity executive was recently named the chair of Trump's economic advisory forum, and said that the "architecture of the world" is going to change.

Trump gained an unexpected victory over Democrat Hillary Clinton last month amid promises to shake up the established order of Washington, and all eyes are now on how many of his campaign promises he will follow through with.

Schwarzman told Business Insider that there would be a host of regulatory changes to come in and change the way corporate America worked, and there was little that Democrats could do about it in Congress.

"Both Republicans and Democrats have wanted tax reform but they couldn't do it for ideological reasons, and now don't have to worry about those ideological reasons because you get enough votes, you can just change the law.," Schwarzman said.

The Blackstone chief added that during his extensive experience working in the financial sector, it is unlikely that he has seen reform close to what president-elect Trump will bring in.

"I anticipate with a pretty high level of confidence that this stuff is going to happen," he said. "And this is as big a change happening all at once — you know, I've been in finance for 45 years — this'll be the biggest."

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