Donald Trump
Donald TrumpReuters

US Republican presidential candidate Donald Trump has declared that 70% of federal US regulations could be cut if he's elected.

During a speech he gave in New Hampshire, Trump blamed tight regulations for stifling business. Rules on safety and the environment, on the other hand, could stay.

One of Trump's advisers had previously said 10% of regulations could be eliminated.

"We are cutting the regulation at a tremendous clip," Trump said. "I would say 70% of regulations can go. It's just stopping businesses from growing."

Anthony Scaramucci, a Wall Street financier and another of Trump's campaign advisers, told Reuters a Trump administration would push for a much lower level of regulation cuts.

"We need regulation, but immediately every agency will be asked to rate the importance of their regulations and we will push to remove 10% of the least important," Scaramucci explained.

Scaramucci also added that Trump is interested in making changes to previous banking reforms. The goal would be to remove the most "anti-business" parts of the Dodd-Frank reforms.

The Dodd-Frank reforms were passed after the 2008 financial crisis.

Jeff Holmstead, a former assistant administrator for the Environmental Protection Agency under George W. Bush's presidency, said the goal was hard to comprehend.

"You could reduce the number of regulations by 10 percent without accomplishing very much," he said.

In Holmstead's opinion, it would make more sense for Trump to try to reduce the cost of regulatory compliance by 10 percent.

"I think it probably would be possible for a new administration to make changes that would reduce the cost of these programs by at least 10 percent while still maintaining essentially the same level of environmental protection," he said.

Officials at the EPA and the US Department of the Interior declined to comment.

Republican candidate Donald Trump will face off Democratic rival Hillary Clinton in St. Louis for the second of three debates on Monday.