Remarks by President Trump at Signing of Executive Order on Strengthening Retirement Security in America | Eastern North Carolina Now

Press Release:

    Harris Conference Center  •  Charlotte, North Carolina  •  August 31, 2018  •  3:03 P.M. EDT

    THE PRESIDENT: Thank you very much. That's a lot of friends. A lot of friends.

    So, good afternoon to everyone, and thank you very much for the terrific job you're doing and also to the spectacular small-business owners that are here today. Many of those small-business owners - Linda McMahon, who is a small-business owner and it became a big business. A great business. And we have so many of them here today. I know some of them. And congratulations.

    I want to wish everyone a very, very happy Labor Day and Labor Day weekend. Have a good time. I assume right after this you're just going to scoot, right? (Laughter.) Wherever you're going to go, stay in North Carolina. It's a great place. You don't have to go anywhere. (Applause.)

    But I'm thrilled to be back in Charlotte, and the fact is that it's a very special place. So special that we chose it for the 2020 Republican National Convention, right? (Applause.) And we got a lot of places that want it. You know, a lot of places want those things where so many people come in and spend their money. But Charlotte has been a great place for us. And I actually have investments in Charlotte. They'll say, "Oh, there's a conflict of interest." (Laughter.) The fake news, they'll say, "There's a conflict." (Laughter.)

    You know where my club is, right? Trump National. And it's a very big success on Lake Norman. Beautiful. Largest man-made lake in the world, by far. Right? The electric company. Had to be more than man-made. That was made with a lot of money for a long time.

    In just a few minutes, I'll sign an executive order to extend the incredible benefits of retirement savings accounts - such a big thing - to American workers employed at small businesses all across our nation.

    As we head into Labor Day, our nation pays its gratitude to the hardworking men and women who make our country run. And I'm going to be doing a little work over the weekend. I'm going to be studying, you know, the federal workers in Washington that you've been reading so much about. People don't want to give them any increase. They haven't had one in a long time.

    I said, I'm going to study that over the weekend. It's a good time to study it - Labor Day. Let's see how they do next week. But a lot of people were against it. I'm going to take a good hard look over the weekend.

    Today's historic action will provide new retirement security to countless American workers and their families. We believe all Americans should be able to retire with the confidence, dignity, and economic security that you want. We're going to make sure you do that, provided you get out there and you work a little bit, right? We want to do that.

    I especially want to thank Secretary of Labor - who's done an incredible job by the way - Alex Acosta. (Applause.) Alex, thank you. Great job. Great job. And Small Business - I always say it's small business, but it's actually a massive, massive job that she does. It's incredible, the size of it. But it's called Small Business Administrator Linda McMahon, for helping to lead this important effort. And Linda has been a real star. (Applause.) And even Alex and all of us will admit that. She's been a real star. Thank you, Linda. Incredible job.

    We're also grateful to be joined by several fantastic members of Congress. They helped me, and them, and you, and everybody with the largest tax cuts this country has ever seen and with the cutting of regulation. (Applause.) You know, as small-business owners, I can tell you the cutting of regulation - I have friends that say maybe the regulation cutting - we've cut more regulation in the less than two years than any administration, no matter how long it was, has cut during their entire administration. (Applause.) And we're not finished. We're not finished. But I've had many business people say that's more important even than the tax cuts. I don't want to knock our tax cuts, because people love our tax cuts. But the cutting of regulations, in many ways, might be just as important or more important.

    So I want to thank, and I want to congratulate - they're incredible people. They're working hard. And we're working against a tide of blue. And the tide of blue - you know, they want to have open borders. They don't mind crime. They don't take care of our military. They don't take care of our vets. We're taking great care of our vets. What we're doing for our vets - (applause) - Choice, Accountability. How about, after 48 years, we got Choice approved. So veterans now can go, and if they have a long wait, they say bye-bye, I'm going to see the doctor next door, and we pay for the bill.

    And actually, we're going to save a lot of money, but they're going to be taken care of. Because, you know, we have vets that used to wait in line for 7 days, 20 days, 30 days. I've heard up to 38 days. They go in, they're not feeling good, and they - but it's simple to get them okay. But then they can't see the doctor for so long they end up being terminal. Not going to happen anymore. So we got that and we got Accountability. So now, if they treat our vets badly, we'll look at them and very gently say, "You're fired." Bing, get out. (Applause.) Right?

    And these guys - these folks did it. So I want to thank Ted Budd. Ted. (Applause.) Incredible. And I have to tell you, he loves you people. I want to tell you that. We know that. That is true, isn't it, Ted? Huh? We have to give a little special acknowledgement to you, Ted. You've got a lot of friends. You better believe it.

    Virginia Foxx. She's been my friend from the beginning. (Applause.) Thank you, Virginia. Right from the beginning. Richard Hudson. Richard. (Applause.) Great job. You're doing a great job. I can't tell you how much they help me get this stuff done.

    You know, we have Make America Great Again. Very soon, it's going to morph into -

    AUDIENCE: Keep America Great!

    THE PRESIDENT: "Keep America Great!" - exclamation point. When they say it without the exclamation point, they say, "What is wrong with you?" Because it is; we are exclaiming. But it's "Keep America Great!"

    And we're really at a point. You know, we picked up $10 trillion in worth since the election. (Applause.) We have more people working today - right, Patrick? We have more people working today than at any time in the history of our country. Think of that. To me, that's a stat that's just - in other words, more people are working right now than at any time in the history of our country. That's a good number. (Applause.) That's a hard one to beat.

    I don't know, Meadows, do you think that that's a line that the Democrats are going to have a hard time with? Don't you think?

    REPRESENTATIVE MEADOWS: I think they're going to have a real hard time.

    THE PRESIDENT: Well, let see. We have the highest stock market in history. 401(k)s have broken every record in the history of the 401(k) world in terms of percentages up. I have friends - they have 401(k)s, and their wives now think they're geniuses. They're investment geniuses. (Laughter.)

    I tell the story - you probably heard it - but a policeman in New York City. I'm with a group and we're having - I gave a little speech, you know, we're walking outside - and I love the law enforcement, and so I always take pictures with them when I'm finished. And one policeman comes up, good-looking guy. He says, "You know, my wife always thought I was a financial loser. And I have a 401(k), and, sir, I'm up 49 percent this year. She thinks I'm a business genius." (Laughter.) It's true. (Applause.) Right?

    And I'll tell you what - I think it's going to be really hard for open-border, crime-infested Democrats to win that guy's vote. Maybe I'm wrong. But we're not wrong too often, are we?

    So I have another friend of mine who's been incredible. He has the single greatest name in all of politics. His name is Patrick McHenry. (Applause.) And congressman - powerful. He's a powerful congressman. And I said, "If I was born with your name, Patrick, I would have been President 20 years ago." (Laughter.) In other words, I'd be retired right now. But he's been great.

    And Mark Meadows and Joe Wilson. Mark and Joe. (Applause.) We don't have to worry about Mark and Joe. They're up very high in this world. I guess, Mark, you're only up about - I won't even say it; it's almost embarrassing. I saw poll numbers for Mark Meadows. I wouldn't give him too much money, okay? (Laughter.) I wouldn't give him too much. Mark Meadows is not going to lose his race. That's the only thing I can guarantee. In life, I won't guarantee anything. I'll guarantee that Mark is going to do just fine. All right? Thank you. (Applause.) Thank you.

    And, Deb - where is Deb? Where's your wife? Is she here?

    REPRESENTATIVE MEADOWS: My wife is right over there.

    THE PRESIDENT: Where is she? Stand up. She's the real boss in the family. She's incredible. (Applause.) Thank you, Deb. Thank you. They drove three and a half hours to be here.

    Also, a special thank you to North Carolina's very talented - everyone is talking about him - they're all talking about him. And I have a feeling he has his mind made up. He's going to be going for a little different position, slightly higher, in two years: Dan Forest - (applause) - your lieutenant governor. (Applause.) He's great. Great guy. Great guy. You see, Dan, with all of that paparazzi back - this was just supposed to be a quick little signing, in and out - they're going crazy when I introduce all you guys, because they end up saying, this is like a political event. But that's okay, Dan. We'll take it, right? And you don't have to pay for it either. That's all right too. (Laughter.)

    No, Dan has been fantastic, and people are talking about him all over North Carolina. And I know he has a great future. Big future.

    I also want to welcome the President and CEO of the International Franchise Association, Robert Cresanti. Robert? Thank you very much, Robert. (Applause.) The CEO of the National Association of Home Builders, a very - really, honestly, that's a thing that - I love home building. Close to my heart. Jerry Howard. Jerry - thank you, Jerry. (Applause.) And the President and CEO of the Charlotte Chamber of Commerce, Bob Morgan. Thank you, Bob. Good job. (Applause.) Good job on getting the convention, really. Good job on getting the convention.

    As you all know, the complexity of current federal regulations makes it extremely difficult for small businesses to afford retirement savings accounts for their great employees. While large companies can afford to deal with these burdensome regulations - and of course, they've been reduced very substantially for large companies also - but smaller companies just can't do it; they can't handle it.

    As a result, nearly half of Americans working in small businesses with fewer than 100 employees have not had access - believe or not - to 401(k)s or other retirement plans. And it's a terrible thing. And you see it, and so many people complain about it. But we're taking care of it. We've done a lot. This is one more thing. (Applause).

    They gave me a list before of things to read out, of accomplishments of the Trump administration. It was five pages long, single lines. And I said, "We don't have enough time to do that." (Laughter.) But we'll do that. They know what it is. They know what it is. They don't want to report it, and that's okay.

    That's why I'm taking very bold action to lower the cost of retirement plans so that they can become an affordable option for businesses of all sizes. That's a big thing. It wasn't available. Now it is.

    Small businesses will no longer be at a competitive disadvantage, and small-business workers will now be treated more fairly and have many more choices. They didn't have a choice. They didn't have it. But even if they did, they didn't have a choice.

    We will accomplish this goal by reducing regulatory barriers, allowing small businesses to band together to create low-cost association retirement plans - such a big thing. They'll be banding together. They'll have such strength. They'll be able to negotiate incredible deals because they'll have big numbers. And I will tell you, I already know, a lot of companies are getting together; they're making incredible deals, Alex.

    SECRETARY ACOSTA: They are.

    THE PRESIDENT: And it's because of what you've done and your group. That's just a fantastic thing. So I want to thank you.

    In other words, small businesses will be able to pool their resources so that they can have the same purchasing power or even more, frankly, as large businesses. (Applause.) It's great. Save a lot of money and get better plans. (Applause.)

    Retirement savings plans will now be available to more Americans than ever before. And I want to just say one thing. You know, we just made a great deal for both countries with Mexico. Big thing. Big, big thing. NAFTA was a disaster, and we've changed it around. We're not going to have companies leaving anymore. We're not going have people losing their jobs because these great companies are leaving for other lands, and in certain cases, Mexico. Mexico has got some tremendous advantages also. It's good for both.

    And I just have to say, because it is funny. I just said - because, you know, I just - you know the way I feel. I gave an interview yesterday to Bloomberg Business. And I said "off the record," and I made a statement about Canada, which is fine, because I love Canada. But they've taken advantage of our country for many years. They have tremendous, tremendous trade barriers. And they have tremendous tariffs. Dairy products are - do you know this Mark? - almost 300 percent tariff. Nobody talks about that; nobody says that. They say, "Oh, Canada. We love Canada." I do too. I even love their national anthem. It's called, very appropriately, "Oh, Canada." (Laughter.) Would you like me to sing it? (Laughter.)

    But they have taken advantage of us, as has virtually every country in the world. In fact, when they haven't, I say, "What's wrong with you?" But I can't find any, so I haven't been able to say that yet. But I gave a totally off-the-record - you saw it - it said, "off the record." And I said something strong, but it's my belief. And they violated it. And they said they were violating it.

    It's unbelievable what's happening with the fake news. It's unbelievable. When you say off the record, that's a very - it's not a legal term, but it's a term of honor. So when I say "off the record, here's the story," in order, really, to save time - I don't want to waste a lot of time - and then they say - they actually printed my off-the-record. They said, "President Trump said, off the record" and then they go on this. (Laughter.) I said, "This is a first. This is a first." These are very dishonorable people. But I said, in the end it's okay, because at least Canada knows how I feel. So, it's fine. It's fine. It's true. (Applause).

    Just happened. I mean, it just happened as I came off the plane. I said, "That's impossible to do. No, they didn't do that." They would have been better off if they left the off-the-record. And usually what they do is they will leave the off-the-record and then say, "Oh, I thought it was on the record."

    To explain more about how our plan will work, I'd like to invite - really, he's become a friend of mine - but much importantly, the Secretary of Labor, Alex Acosta and Small Business Administrator Linda McMahon to come up and just say a few words about exactly what this represents, what it means.

    Thank you. Linda. Alex. (Applause.)

    SECRETARY ACOSTA: Mr. President, thank you. The President touched on this, but it bears repeating: Our economy is strong. It really is. Second-quarter GDP was recently revised upward to 4.2 percent. (Applause.)

    I remember when the President was running for office and folks said 3 percent couldn't be done. Well, 3 percent wasn't done; 4.2 percent was done. (Applause.) And the Federal Reserve has estimates for the third quarter, and it's estimating that it will be even stronger. (Applause.)

    And yesterday - yesterday, the Department of Labor reported that initial jobless claims are quite literally lower than they have ever been in my lifetime. (Applause.) We've seen decreases on unemployment rate to 3.8 percent. And first the first time since we've been tracking this data, we are now in an economy where we have more open jobs than we have people looking for jobs. That's incredible. (Applause.)