By: Doug Clayton, Partner, Cantey Hanger LLP

This article appears in the Fort Worth Business Press, online and print for January, 2017

On January 20, 2017, Donald John Trump was inaugurated as the 45th President of the United States of America. Even before “The Donald” was elected President, his Twitter account (@realDonaldTrump) was already one of the most followed and most controversial Twitter accounts in the world. He has used Twitter to attack politicians, celebrities, reporters and others. Now that President Trump has taken office, perhaps his future tweets will be more about public policy and less about personalities.

I have assembled a list five tweets I’d love to see President Trump post to begin to achieve his stated goal to “Make America Great Again.”
Donald J. Trump

Much has been written about presidential candidate Trump’s promise to build a wall along the United States-Mexico border in an attempt to stem the flow of illegal immigration into the United States. Regardless of one’s stance on the wall, we should be able to agree that America benefits when an immigrant with high skills, high net worth and a high level of entrepreneurial drive legally comes to America to invest significant capital to start a business that employs workers in the United States. Those are exactly the sort of immigrants that the U.S. welcomes under the EB-5 immigrant investor visa program. Foreign investors who invest at least $1 million in the U.S. (or $500,000 if the investment is made in a high-unemployment or rural area) into a new commercial enterprise that creates (or preserves) at least 10 full-time jobs for U.S. workers are eligible to participate in the EB-5 visa program.
Donald J. Trump

‏@realDonaldTrump Finders Keepers – the SEC should help small business by codifying the Finder exemption to broker-dealer registration. New capital formation will be TREMENDOUS!

There are many aspects of U.S. securities laws that slow the formation of capital for entrepreneurs and small businesses. One problem is the requirement that a person who helps small businesses and investors find one another – known as a “finder” – generally cannot be paid a commission for such services unless the finder is registered as a broker-dealer. Broker-dealer registration can be costly and subjects the finder to a burdensome regulatory regime that may not be appropriate for a mere finder. The U.S. Securities and Exchange Commission (SEC) has issued at least one “no action” letter that suggests that a person serving as a finder might not be required to register as a broker-dealer under certain situations, but other SEC letters and releases have cast doubt as to the scope (and even the existence) of the finder exemption. President Trump should encourage the SEC to adopt a finder exemption with a clear and reasonable set of guidelines for the benefit of entrepreneurs, small businesses, investors and finders.
Donald J. Trump

‏@realDonaldTrump It’s time to dismantle the Dodd-Frank Act, which has been a DISASTER for America.

It’s always popular in Washington to speak out against Wall Street, and when the Dodd-Frank Act was passed in 2010, it was sold as a remedy for Wall Street excesses that had led to the collapse of the financial markets in 2008. The act was not a targeted response to the specific issues and problems that gave rise to the financial collapse, but rather an 849-page regulatory wish list from anti-banking special interests.

The act has added layers of additional regulatory costs to virtually every corner of the nation’s financial services industry from Wall Street to Main Street, including publicly traded companies, investment banks, commercial banks, insurance companies, securities broker-dealers, hedge funds, venture capital funds, mortgage finance companies, public accounting firms, consumer credit providers and a host of other financial services companies and professionals.

The scope of the act is vast and indiscriminate. The act has given rise to mountains of related regulations as an alphabet soup of existing and newly created federal regulatory agencies has proposed and adopted rules implementing the Dodd-Frank Act. Among the adverse consequences of the adoption of the Dodd-Frank Act has been increased regulatory compliance costs for commercial banks, the burden of which has fallen disproportionately upon community banks, which help finance our country’s growing small businesses.
Donald J. Trump

The fracking revolution has been a blessing to the U.S. economy and has radically reduced our nation’s dependence upon foreign oil. Fracking pioneers in North Texas have been real American heroes, even if they are not treated as such by Hollywood or Washington politicians. Perhaps the best part about increased oil and gas production in the United States is that work required to drill and extract oil and gas must be performed by workers in the U.S. – not a factory in China or elsewhere in the world. Federal law should encourage further development of our nation’s natural resources.
Donald J. Trump

‏@realDonaldTrump High taxes are STUPID. My new lower tax rates will grow the economy and make us all big-time WINNERS!

Virtually every politician promises to lower taxes, but our taxes usually seem to just keep going up. President Obama’s term was no exception, as taxes climbed during the course of his eight years in office, including the new and increased taxes imposed under the Affordable Care Act (ObamaCare). Lower taxes mean more funds for Americans to spend or invest in the economy, driving positive economic growth for all Americans. Lower taxes also make the U.S. more competitive in the world economy. The Donald should urge Congress to lower our taxes to grow our economy, which will help make us all big-time winners in the global marketplace.

Douglas Clayton is a corporate and securities partner with the law firm of Cantey Hanger LLP, where he serves as the Vice Chairman of the firm’s Business Transactions Practice Group. He is a graduate of Harvard Law School and Texas Tech University. Clayton focuses his practice on mergers and acquisitions, corporate finance, securities offering and other business transactions. For more information www.staging.poised-team.flywheelsites.com or visit his blog at www.NorthTexasSECLawyer.com.

This article is for information purposes only and is not intended to be legal advice or a substitute for consulting an attorney. We recommend that you discuss your particular situation with your attorney when you need legal advice.