Newt Gingrich: Transcript of ABC/Yahoo News Exclusive Interview


He's clearly gonna be one of the last two, because of the sheer scale of his resources. So we'll have to wait and see. My job, I think, is to reach out to the 75 or 80 percent who aren't currently committed to Romney, and to say, "Here's a set of solutions that would actually get us back on the right track. Would you like that kind of a candidate?" And if it succeeds, then Romney will have the problem of stopping me. I'm not-- I'm not worried about stopping Romney. I'm worried about reaching that 75 or 80 percent who aren't currently committed to him.

JAKE TAPPER: We've asked folks-- at and Yahoo to ask you questions. Here's one from Meghan (PH) H.-- who asked via Yahoo. "How do you plan to make the American job market more attractive and competitive again to major corporations that can just as easily operate overseas?"

NEWT GINGRICH: That's a great question and goes to the heart of one of our major competitiveness problems. So in a Gingrich administration, we'd repeal Dodd-Frank immediately, we'd repeal Sarbanes-Oxley, we'd repeal ObamaCare. We'd replace the Environmental Protection Agency with a brand new environment solutions agency, we'd move to a 21st century Food and Drug Administration.

We'd have a very strong pro-American energy program. We would also have a zero capital gains tax, 100 percent expensing for new equipment, a 12 and a half percent corporate tax rate, we'd abolish the death tax permanently, and we'd move to an optional 15 percent flat tax. You take that total package, plus I like job creators. I'm the opposite of Obama.

I like people who create jobs. I don't believe in class warfare. And I think in that context-- you'd see a huge increase. In fact, I tell people the recovery begins late on election night, as people realize you're gonna have a new president with a new program and a new attitude.

JAKE TAPPER: There's a lot you just said in there, and-- (LAUGH) and-- we don't have enough time to do all of it. But-- but one question I wanna ask-- has to do with your-- call to repeal-- the Wall Street Reforms--


JAKE TAPPER: --Dodd-Frank. I don't think a lot of Americans would understand why-- anyone would want to repeal regulations that happened after this--


JAKE TAPPER: --calamity on Wall Street. If you disagree with those regulations that were imposed, do you agree at least that there should be some new reforms or--


JAKE TAPPER: --regulations?

NEWT GINGRICH: There should-- there should be very decisive reforms. I think in retrospect-- repealing the Glass-Steagall Act was probably a mistake. So we should probably reestablish dividing up the big banks into a banking function and an investment function and separating 'em out again. There are real reforms we should pass. Some pieces of Dodd-Frank are probably worth ke-- keeping.

The problem is, Dodd-Frank was written by two very left-wing Democrats, it does to financial services what ObamaCare does to healthcare. It is killing small banks, crippling small business, driving down the value of housing, and it is a major reason that the economy can't start growing.

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