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Icahn to advise Trump on regulatory issues

By Laurie Bennett

December 22, 2016 at 11:00am

Reform, as defined by the incoming administration, can usually be translated as “less government involvement.”

Less involvement in public education, housing, environmental protection and - with one of the latest announcements - regulation overall.

President-elect Donald Trump announced Wednesday that Carl Icahn would serve as a special adviser on “regulatory reform.”

“Carl was with me from the beginning and with his being one of the world’s great businessmen, that was something I truly appreciated,” Trump said. “He is not only a brilliant negotiator, but also someone who is innately able to predict the future especially having to do with finances and economies. His help on the strangling regulations that our country is faced with will be invaluable.”

The role will give the activist investor direct input on oversight of his own business activities.

“Under President Obama, America’s business owners have been crippled by over $1 trillion in new regulations and over 750 billion hours dealing with paperwork,” Icahn said in the statement released by the Trump transition team. “It’s time to break free of excessive regulation and let our entrepreneurs do what they do best: create jobs and support communities.”

Icahn, whose worth is estimated by Forbes as $16.7 billion, has a broad range of investments, encompassing such industries as autos, energy, mining, railroads, food and real estate. He bought Trump Entertainment Resorts earlier this year and closed its main asset, the Taj Mahal casino in Atlantic City, in October.

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