The American public has long been yearning for a drastic change to the status quo. Sadly, the past eight years have brought onto us sluggish economic growth, a wave of over-regulation that drastically hurts the viability of our small businesses and, overall, an out of touch administration. It’s no surprise that Americans are fed up, and this year’s election proved that.
What has been needed, now more than ever, is for someone to shake up D.C. and repair an inefficient and inflated federal government.
With Republicans retaining the majority of both chambers of Congress, and a Republican president in the White House, it’s now time though to put rhetoric aside and demonstrate that there’s truly “A Better Way” for Washington to govern.
The burdens inflicted upon our nation’s entrepreneurs by an administration infatuated with bigger government, more taxation and over-regulation can no longer be dismissed. After all, it’s those same entrepreneurs who are risking their own capital and, most importantly, creating roughly two-thirds of all U.S. jobs.
Thankfully, President-electDonald Trump’s business acumen and pro-growth agenda has already translated into the outstanding selection of three key members who will serve on his Cabinet. It’s important to also note that these officials will be critically important in complementing the efforts of SpeakerPaul Ryan’s Better Way agenda, House Ways and Means Committee ChairmanKevin Brady’s efforts on tax reform and House Financial Services Committee Chairman Jeb Hensarling’s efforts to roll back the Dodd-Frank Act.
Those key players of Donald Trump’s triangle offense for economic growth and small-business success are:
1. Steven Mnuchin, secretary, Department of the Treasury
With almost 20 years of experience working as an investment banker at Goldman Sachs, Mnuchin will bring a wealth of knowledge regarding economic and financial issues. Mnuchin also brings a particularly keen understanding of the importance of lending and access to capital, which entrepreneurs and business groups alike unequivocally prioritize as a key issue.
Working in lockstep with Hensarling and the president-elect's pick for the Commerce Department, Wilbur Ross, Mnuchin will play a pivotal role in the rolling back of Dodd-Frank, which has negatively affected small and medium-sized business, along with our vitally important community and regional banks throughout the country. These banks have felt the squeeze caused by the vastly complex web of one-size-fits-all regulations intended for large banks, and have thus been unable to provide the access to capital desperately needed by entrepreneurs.
Addressing Dodd-Frank and reforming our tax code are two of Mnuchin’s immediate priorities that will alleviate some of the burdensome effects of over-regulation.
2. Wilbur Ross, secretary, Department of Commerce
At 79, Ross, a billionaire investor, never imagined he would find himself reporting to someone. That quickly changed when asked to serve his country as the secretary of Commerce under President-elect Trump’s leadership, which he humbly accepted.
Ross will be responsible for working with businesses to promote job creation and economic growth.
His experience and success in turning around failing firms is unparalleled, and so is his approach to addressing these challenging investments. In a 2008 interview with NPR, Ross explained his hands on approach to reviving a failing steel company by saying, we got an enormous amount of good ideas from the blue collar workers. That fellow who has been standing behind a machine for 10 years, who knows it better than the people who built it, really knows what to do.
That very approach that Wilbur Ross has had throughout his career and will soon bring to the Department of Commerce is illustrative of not only the refreshing leadership he will bring to the agency but also of the overall theme and direction of Trump’s wishes as incoming commander in chief.
Ross told CNBC that two of his priorities will be trade reform and increasing U.S. exports abroad.
Small and medium-sized business stand to greatly benefit from trade reform and an increase in exporting as they make up 98 percent of all U.S. companies involved in exporting.
3. Linda McMahon, administrator, Small Business Administration
McMahon is the underrated Cabinet pick in my opinion. A phenomenal addition to Trump’s team, McMahon will without a doubt bring the necessary experience, mindset and skills to unleash the potential of our country’s small business community, while effectively serving as the leading voice for small business and entrepreneurship.
As the co-founder of World Wrestling Entertainment Inc., McMahon certainly experienced the ups and downs of entrepreneurship. Scaling a company of 13 employees to a now public traded global enterprise with over 800 employees worldwide didn’t happen overnight. Rather, she cut her teeth as one of the country’s top female CEOs by resurrecting a once failing business from its ashes and turning into the global brand that it is today.
Already an advocate for female entrepreneurs with Women’s Leadership Live, an organization she co-founded, there is no doubt Linda McMahon will ensure women, along with minority entrepreneurs, are a top priority in the Trump administration.
The agency she will soon be taking over has a budget of over $10 billion and a loan portfolio of roughly $125 billion. In 2015, the SBA approved over 70,000 government-backed private-sector loans to small business throughout the country. McMahon will without a doubt be the champion we need on behalf of the American entrepreneur.
Our sluggish recovery from the 2008 recession and 2.1 percent average growth between 2010 and 2015 should serve as a lesson that big government policies and over-regulation of industries don't work. It’s time we listen to our small business community’s needs if we want them to continue being the driving force of our economic engine, and President-elect Trump has done just that by nominating Steven Mnuchin, Wilbur Ross, and Linda McMahon.
It’s going to be a great four years for economic growth and small businesses.
Kevin Hernandezis the director of Government Affairs and Policy at the United States Hispanic Chamber of Commerce. He is also a fellow with the James Madison Institute, Florida’s premier free-market think tank.