Matt Krantz

USA TODAY

Wall Street maven Carl Icahn will advise President-elect Trump on matters of regulatory reform, giving the famed investor a key say in how his own industry is monitored.

Icahn will advise Trump on regulatory topics as an individual, not as a federal employee and won't have any specific duties, according to a release from the Trump transition team. But it's clear Icahn and Trump agree on what needs to be done - reduce rules.

“Under President Obama, America’s business owners have been crippled by over $1 trillion in new regulations and over 750 billion hours dealing with paperwork," Icahn said in a statement released by the Trump transition team. "It’s time to break free of excessive regulation and let our entrepreneurs do what they do best: create jobs and support communities."

Icahn could play a role in naming the successor to Mary Jo White as the Chair of the Securities and Exchange Commission. White has announced plans to step down from the post in January 2017.

Some are surprised by the move, especially given the fact that Icahn - a big Wall Street player - will have a hand crafting regulations over his own business and industry. "It is very disconcerting and troubling to people who take investor protection issues seriously," says Andrew Stoltmann, partner at securities law firm Stoltmann Law. "It's a little like asking the fox to guard the hen house."

Icahn and Trump have had close business dealings before, as well. Icahn's investment firm Icahn Enterprises bought Trump Entertainment Resorts in February 2016 after the struggling casino operating company exited bankruptcy for the fourth time.

Now Icahn, "will also be in charge of overseeing regulatory overhauls while simultaneously controlling or owning stock in companies that could benefit from the changes he makes," says Democratic National Committee's spokesman Eric Walker, calling the appointment a "quid-pro-quo 25 years in the making."

"The corrupt nature of this arrangement cannot be understated. Voters who wanted Trump to drain the swamp just got another face full of mud,” Walker says.