President-elect Donald Trump said he would expedite the approval of permits to anyone who invests $1 billion or more in the United States.
Trump campaigned on slashing regulations in order to stimulate economic growth.
“Any person or company investing ONE BILLION DOLLARS, OR MORE, in the United States of America, will receive fully expedited approvals and permits, including, but in no way limited to, all Environmental approvals,” he wrote on Truth Social. “GET READY TO ROCK!!!”
It’s unclear how Trump will accomplish the endeavor, but it has received the approval of businesspeople in his orbit.
Tech magnate Elon Musk called the move “awesome” in a post on X.
Former Republican Rep. Dave Brat told the Washington Examiner in an interview that the move would be useful to raise capital for the U.S. Brat also used to be the dean of business at Liberty University and served in Congress for Virginia’s 7th Congressional District from 2014 to 2019.
“America First, people think it’s a slogan, but it’s not,” Brat said. “Right when we sent all our jobs abroad, we not only lost jobs, we lost capital equipment and plants; we shipped them abroad as well. So this is an attempt to bring them back.”
Brat said China has $100 trillion in capital equipment while the United States has $70 trillion, suggesting the move could work toward closing the disparity. He added he hopes Trump adds a human capital piece, citing low literacy rates in Chicago’s third-graders.
He said capital, human capital, and technology are the three things that cause economic growth.
“This country needs a big, big fix economically, and the people are the economy,” the former congressman said. “So you got to help the people, and then you got to put capital in their hands. And I think that’s what he’s up to, and it’s great.”
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The move will also likely draw the ire of environmental activists. Brat expects there will be opposition but said he would like them to state publicly why they are opposed.
He also said that Trump’s “huge political victory” will bolster his argument if he faces challenges to the plan.
