Nashville Standard

United States Senator Bill Hagerty of Tennessee recently appeared on BloombergTV's "Balance of Power" to discuss the economic implications following President Trump's recent election victory. As a member of both the Senate Banking and Foreign Relations Committees, Hagerty shared his insights on various fiscal and monetary policies expected under the new administration.

Hagerty emphasized President Trump's focus on stimulating economic growth through deregulation. He stated, "President Trump’s overarching goal is to see a lot more economic growth here in this economy. You can count on another effort to undertake a massive deregulation thrust." He criticized the regulatory burden from the previous administration, suggesting it could be lifted without cost, benefiting businesses and boosting the economy.

Regarding tax policy, Hagerty noted past successes with tax cuts under Trump that made the U.S. more competitive globally. "Our corporate tax rate was the highest in the world before the Tax Cuts and Jobs Act was put in place in 2017," he said, highlighting increased corporate tax revenues as a result.

Hagerty also addressed concerns about Michael Barr, Vice Chair for Supervision at the Federal Reserve, describing his regulatory role as contrary to congressional legislation. He expressed skepticism about Barr's approach: "This Basel III Endgame... has put a great deal of uncertainty to the marketplace."

Discussing international trade, Hagerty pointed out historical imbalances and called for fairer treatment in global trade agreements. "Access to this economy deserves fair treatment, reciprocity," he asserted.

On potential changes within the White House cabinet post-election, Hagerty refrained from speculation but stressed his commitment to supporting President Trump's agenda: "I’m going to do everything I can to move us forward."

Finally, when asked about possible Senate departures to join the Trump Administration, Hagerty assured that any vacancies would be filled by competent individuals appointed by state governors.