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More deregulation is coming to the US, Commerce Secretary Wilbur Ross says

  • "I believe a good portion of the reason for why the economy has gotten better is regulatory relief and there's going to be more to come," Wilbur Ross told CNBC on Monday
  • Ross said the Trump administration had been able to deliver on deregulation policies because the president was able to exercise his executive powers in order to achieve these aims
  • And while other campaign pledges were yet to come to fruition, the U.S. commerce secretary said it would be unfair to blame Trump "when Congress fails to act on something"

Commerce Secretary Wilbur Ross said Monday that already "thrilled" business executives should expect even more regulatory relief over the coming months.

"I believe a good portion of the reason for why the economy has gotten better is regulatory relief and there's going to be more to come," Ross told CNBC on Monday.

"Trump has cancelled 860 rules and regulations that had been imposed by the Obama administration and there's barely a single CEO that comes to my office who isn't thrilled with the regulatory relief," he said.

Ross said the Trump administration had been able to deliver on deregulation policies because the president was able to exercise his executive powers in order to achieve these aims. And while other campaign pledges were yet to come to fruition, the U.S. commerce secretary said it would be unfair to blame President Donald Trump "when Congress fails to act on something."

Trump is still searching for his first major legislative victory since becoming president.

Wilbur Ross, U.S. commerce secretary, speaks during an Economic Club of New York event in New York, U.S., on Wednesday, Oct. 25, 2017.
Michael Nagle | Bloomberg via Getty Images
Wilbur Ross, U.S. commerce secretary, speaks during an Economic Club of New York event in New York, U.S., on Wednesday, Oct. 25, 2017.

House and Senate Republicans are currently on a fast-track to pass separate tax bills before the Thanksgiving holiday. Republican lawmakers would then look to iron out any differences in December and attempt to send a final version to Trump's desk before the year ends. Analysts say it is likely Trump's tax overhaul could be delayed until 2018.

Meanwhile, the U.S. president has sought to take credit for the uptick in economic growth from the first quarter of 2017 and last year. In a tweet on Saturday morning, the former New York businessman touted low unemployment figures and a roaring stock market.

The U.S. economy has expanded at a steady pace in recent months, with gross domestic product (GDP) growing at an annual rate of 3 percent in the most recent quarter. Meantime, job growth has decelerated over the same period, with the hurricanes hastening this slowdown.

However, former Obama-era Treasury Secretary Jack Lew told CNBC on Wednesday that it is too early to tell whether those 3 percent levels would be here to stay.

"We've seen over the last five (or) 10 years a trend of quarters being very uneven," Lew said, pointing out that there were quarters during the Obama administration that were "better than we just saw."

— CNBC's Matthew J. Belvedere and Reuters contributed to this report.