The CEO of Bank of America anticipates that the US will be 'a great place to invest' during the Trump administration

The CEO of Bank of America praised Donald Trump's economic agenda and said it would make the United States a "great place" to invest. Speaking to Fox Business, Brian Moynihan analyzed the proposals of the second Trump administration and fondly recalled the lower taxes and cut regulations of his first stint in the White House.

Moynihan, who has led Bank of America since 2010, said the new president's inaugural address was "no different than what we heard on the campaign trail," so "now they have to start figuring out how to implement these changes."

At the same time, he was particularly enthusiastic about promises to bring back lower taxes and cut regulations.

"If you go back to the first Trump administration and the tax changes, that brought America's tax rate down to where it was competitive. America always has… [a] big market, biggest economy in the world, growing, etcetera. America has good business conditions in terms of talent, people, worker flexibility, all those types of things," Moynihan said.

"So you put all that together, it was a great place to invest. You go in and say now, I'm going to move the regulation back, and now I'm going to create even better conditions for investment," he added.

Scott Bessent is in charge of implementing Trump's economic agenda. He recently appeared before the Senate Finance Committee for his confirmation hearing, where he asserted that the United States "has a spending problem."

He also remarked that the Trump administration would use tariffs in three different ways: to remedy unfair trade practices, as revenue generators, and as a negotiating tool with other countries.

Citing Bank of America research, Moynihan said the rumored 10% or 15% tariffs were unlikely to significantly impact the economy or spur inflation, as many analysts anticipated.