Ken Griffin says Biden-era regulations ‘exhausting' on American businesses, 'cost the US economy dearly'

• Griffin cited the DOJ's successful blocking of JetBlue's acquisition of Spirit Airlines as an example of poorly thought-out decisions, noting Citadel was a Spirit creditor and the airline is now in bankruptcy
• The Citadel CEO described Election Day as marking an immediate end to regulatory pressure, calling it a 'giant sigh of relief' that gave entrepreneurs energy to build their businesses
• While acknowledging Trump's deregulation progress has been slow, Griffin emphasized the lighter-touch regulatory enforcement approach has been an 'extraordinary boom for American business'

Summary

Key Figure: Ken Griffin, CEO and billionaire co-founder of Citadel, criticized Biden-era regulatory policies at the World Economic Forum on Wednesday, calling them "exhausting" and economically damaging to U.S. businesses.

Main Points:

Griffin stated that Biden administration regulations created "constant friction" across multiple aspects of Citadel's operations, with daily "crazy proposals" addressing non-existent problems. He emphasized the relief felt by American executives following the regulatory shift after Election Day, describing it as providing renewed energy to entrepreneurs focused on business growth.

Specific Example:

Griffin cited the Justice Department's antitrust lawsuit blocking JetBlue Airways' acquisition of Spirit Airlines as emblematic of poorly conceived policies. Citadel, a creditor of Spirit, was directly impacted when the merger was blocked and Spirit subsequently filed for bankruptcy. The DOJ had argued the merger would reduce budget carrier options and increase airfares for consumers.

Market Implications:

The Citadel CEO characterized the end of Biden's "regulatory onslaught" as an "extraordinary boom for American business," noting a "giant sigh of relief" among executives who can now focus on building their businesses rather than navigating regulatory hurdles. While acknowledging that Trump administration deregulation has progressed slowly, Griffin praised the lighter-touch enforcement approach implemented since the president returned to office a year ago.

Bottom Line:

Griffin's comments underscore the business community's preference for reduced regulatory oversight, suggesting improved conditions for entrepreneurship and capital deployment under current policies, though specific economic data points were not provided.