Trump Unveils 14 Economic Advisers Ahead of Economic Policy Speech Monday
Republican presidential nominee Donald Trump revealed his initial list of economic advisers Friday, which includes 14 individuals from the worlds of finance and real estate.
According to the campaign, more names will be added to the council moving forward, with the team being headed up by Stephen Miller, an adviser to the campaign.
From the official Donald J. Trump website
(New York, NY) August 5, 2016 – On Monday, August 8th Donald J. Trump will unveil his policy agenda for revitalizing the American economy at the Detroit Economic Club, at 12:00pm. Mr. Trump’s speech will focus on empowering Americans by freeing up the necessary tools for everyone to gain economically. It will stand in stark contrast to Clinton’s same, stale big government policy prescriptions that have choked economic growth in America and led to over 40 years of wage stagnation. Americans will have two choices presented to them this November, to stay on the same path that has cost Americans millions of jobs, and declining incomes, or change that can finally allow Americans to reach their potential and become great again.
Donald J. Trump is also pleased to announce his economic advisory team comprised of some of the top economists in the country as well as the most successful industry leaders in finance, real estate and technology. Creating jobs and fixing the Obama Administration’s economic failures of the last eight years is a fundamental reason that Mr. Trump is seeking the presidency. Only he can rebuild the economy, addressing the issue most important to voters with common sense solutions, while preventing Hillary Clinton from amplifying and expanding the failed Obama policies for another four years.
Members of the economic team include individuals with unparalleled experience and success in business including Tom Barrack, Andy Beal, Stephen M. Calk, Steve Feinberg, Harold Hamm, Howard Lorber, Steve Mnuchin, John Paulson, Wilbur Ross, and Steve Roth. Additionally, the team includes highly respected advisers Dan DiMicco, David Malpass, Stephen Moore, and Peter Navarro. Working with the Advisory Council will be the campaign’s policy team will be led by National Director of Policy, Stephen Miller, and Deputy Director, Dan Kowalski. Additional members of the Advisory Council will be added at later dates.
Mr. Trump has often said that he intends to utilize leaders in business to help renegotiate our terrible trade deals, create jobs and rebuild our economy into a thriving, and dynamic worldwide leader that puts American’s first.
Mr. Trump stated, “I am pleased that we have such a foridable group of experienced and talented individuals that will work with me to implement real solutions for the economic issues facing our country. For too long we have watched as President Obama and Hillary Clinton have ruined our economy and decimated the middle class. I am going to be the greatest jobs President our country has ever seen. We will do more for the hardworking people of our country and Make America Great Again.”
TRUMP ECONOMIC ADVISORY COUNCIL
1. Tom Barrack. Thomas J Barrack Jr. is the Founder and Executive Chairman of Colony Capital, NYSE (CLNY). Colony is one of the oldest and most well-recognized private equity firms in the world. Prior to forming Colony, Mr. Barrack was a Principal of the Robert M. Bass Group and had served in the Regan administration as a Deputy Undersecretary of Interior.
2. Andy Beal. Beal is the founder and chairman of Beal Bank and Beal Bank USA as well as other affiliated companies including, CSG Investments, Inc., Loan Acquisition Corporation, and CLG Hedge Fund, LLC. Mr. Beal has been recognized as “one of the smartest investors in the country” by Forbes magazine and in 2000,American Banker named Beal Bank the most profitable bank in the USA.
3. Stephen M. Calk. Calk is the Founder, Chairman and CEO Federal Savings Bank, and National Bancorp Holdings, which is primarily focused on increasing home ownership among veterans of the Armed Forces.
He is a commissioned Army Officer and received his M.B.A. from Northwestern University. Under his leadership, the Federal Savings Bank was named the most profitable bank in America in its class by the American Bankers Association Journal.
4. Dan DiMicco. DiMicco has served as Executive Chairman of the Nucor Corporation, the largest steel producer in America. He was the longest serving CEO of Nucor outside of the company’s founder. Mr. DiMicco has served on the board of the United States Manufacturing Council. He is the author of the book, American Made: Why Making Things Will Return Us To Greatness, which lays the blueprint of how to return America to economic prosperity through a revitalization of manufacturing.
5. Steven Feinberg. Feinberg is the Co-Founder and Chief Executive Officer of Cerberus Capital Management, L.P. Mr. Feinberg has led the firm since its inception in 1992 and has developed Cerberus into one of the world’s leading deep value asset management firms. Cerberus manages affiliated funds and accounts with over $30 billion of assets under management in four complimentary strategies: Private Equity (operationally challenged companies, non-core/under-performing divisions or subsidiaries and businesses undergoing restructuring); Distressed Securities and Assets; Corporate Middle-Market Lending; and Distressed Real Estate. Prior to founding Cerberus, Mr. Feinberg managed capital for Gruntal & Co. from 1985 to 1992. He began his career at Drexel Burnham Lambert, where he traded proprietary pools of capital. Mr. Feinberg is a graduate of Princeton University.
6. Dan Kowalski. Kowalski has served as the Deputy Staff Director of the Republican staff of the Senate Budget Committee, and has over 20 years of experience in fiscal policy at the federal, state, and local levels of government. Previously, he also served as the Director of Budget Review for the Republican staff of the House Budget Committee. In those two positions, Dan helped Congress adopt several balanced budgets on a bicameral basis. Dan has a Master’s degree in public policy from Harvard’s Kennedy School of Government.
7. Howard M. Lorber. Lorber is currently the President and CEO of Vector Group Ltd., a NYSE listed company engaged in the real estate and consumer products industries. Mr. Lorber has actively managed Vector’s diversified interests since 1994. He serves as Chairman of Douglas Elliman Realty, LLC, one of the nation’s oldest and largest real estate brokerage firms; Vice Chairman of Ladenburg Thalmann Financial Services Inc.; Executive Chairman of Nathan’s Famous Inc.
8. David Malpass. Malpass has served as Deputy Assistant Treasury Secretary under President Reagan, Deputy Assistant Secretary of State under President George W. Bush. Mr. Malpass has extensive private sector experience and has founded Encima Global, a consulting and research firm that provides insight and analysis on global economic and political trends.
9. Steven Mnuchin. Currently serving as Finance Chairman for Donald J. Trump for President. He is Chairman and CEO of Dune Capital Management LP, a private investment firm and previously served as Chairman and CEO of OneWest Bank Group LLC. He has over 30 years of experience in the private sector with extensive management and investment experience especially in Banking, financial services, real estate, media, and technology.
10. Stephen Moore. Moore is a well respected economist, and was the founder of Club For Growth. Mr. Moore has served on the editorial board of the Wall Street Journal, and is now the chief economist for the Heritage Foundation. Mr. Moore was the senior economist of the Joint Economic Committee under Chairman Dick Armey (R-TX).
11. Peter Navarro. Navarro is an expert on U.S.-China trade relations, and holds a Ph.D. in economics from Harvard University. He is currently a professor of economics and public policy at the Paul Merage School of Business at the University of California, Irvine.
12. John Paulson. John Paulson is the President and Portfolio Manager of Paulson & Co. Inc. (“Paulson”). Paulson is an SEC-registered investment management company specializing in global merger, event arbitrage and credit strategies. The firm was founded in 1994 and is headquartered in New York with offices in London and Hong Kong. Mr. Paulson received his Masters of Business Administration with high distinction, as a Baker Scholar, from Harvard Business School in 1980. He graduated summa cum laude in Finance from New York University’s College of Business and Public Administration in 1978. Prior to forming Paulson in 1994, John was a general partner of Gruss Partners and a managing director in mergers and acquisitions at Bear Stearns.
13. Steven Roth. Roth is Chairman of the Board and Chief Executive Officer of Vornado Realty Trust. Mr. Roth is the co-founder and Managing General Partner of Interstate Properties and Chairman and Chief Executive Officer of Alexander’s Inc. Barron’s Magazine, in its March 2005, 2006 and 2007 issues named Mr. Roth one of the World’s Thirty Most Respected CEO’s. In its January 2006 issue on the Best CEO’s in America, Institutional Investor magazine designated Mr. Roth as the top CEO in the REIT industry.
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Right now the GDP of 1.2 means we are heading into “secular stagnation” or as Keynes put it, “under-employment equilibrium. Workers settle for chump-change jobs, many of which are part time requiring fewer hours. Put another way, the labor force is always being under utilized due to the effects of free-trade, sending factories to China and Mexico. The solution to underemployment is to create manufacturing jobs here at home which have a high multiplier effect. In other words. for every dollar invested in manufacturing the return is much greater than investing in the service sector (the burger flipping economy) which has a much lower multiplier effect. Hillary and the Dems support a buger flipping economy. Trump supports a productive, growing economy with good paying jobs.
Neo Classical rebirth.
Bravo!!
What in the world is Trump doing in putting out this list of Wall Street Whores to be his financial advisors?
These guys do not have a clue as to how to fix the economy as they are all into financial manipulation and speculation, that does not contribute a dime to the economy, is more of the same and is a system that has never worked.
Trump needs to put on his team someone who understand real economics and the need to measure the economy in terms of physical production.
Trump needs to make the keystone of his revival of the American Economy the 21st Century Glass-Steagall Act.
If he does not do so then he is developing a plan to fail.
Sounds like our steel factories will fire up on American home turf again. I hope so.