Jared Kushner

Then you had a big reduction in the amount of banks that occurred and the big banks became even bigger.

Whereas I don't think that was the intention of the legislation, but the people who were writing the legislation and influencing it had a lot of the constituencies from those larger institutions.

And then what happened as a result of that?

A lot of these smaller institutions didn't have the ability to be as competitive.

They had more restrictions, more costs.

They became less profitable.

But these were the banks that were serving small business, which is the biggest creator of jobs in our country.

And then as a result, the bigger banks got more powerful.

And what happened in the country as a result of the regulations that they put in place, the wealth gap in the country grew.

It didn't shrink.

And so I think oftentimes what they say these regulations are intended to be

the result often becomes the opposite.

And so what President Trump did in his administration was they did a massive deregulatory effort.

And I think they pledged that for every one regulation they put on, because you do need some regulation in an economy and in a society, they would take off two.

And in the first year, they eliminated eight regulations for every one.

And so that was just something I took from it, which was, I thought, very interesting.

And you had to really...

I think you just have to think through what are the consequences going to be of the different actions you take.

And often government gets it wrong by taking an action that feels right but has big negative consequences down the road.

Sure.