Amid extraordinary political developments for the U.S., Chicago-based business mogul Sam Zell tells TheStreet he sees "staggering economic opportunity" for the nation under the presidential authority of Donald Trump.

Trump's vow to cut government regulation that he calls "excessive" could lead to "a $1 trillion of (economic) stimulus without spending anything, while Obama added $1 trillion to U.S. debt" to prop up the U.S. economy, Zell said.

Eliminating a multitude of rules that hamstring companies needing navigable waterways, Zell cited as an example, will make it less costly for waterborne enterprise "while creating confidence" for entrepreneurs who will be less fearful that the federal government might step in to suffocate their investment.

"If the U.S. just reverses what it stopped during the Obama administration, the stimulative effect will be extraordinary," said Zell, 75, the billionaire chairman of Equity Group Investments. Zell serves as chairman of Equity Residential (EQR) , Equity Lifestyle (ELS) , Equity Commonwealth (EQC) , Anixter   (AXE) and Covanta Energy  (CVA) .

The son of Polish immigrants to the U.S., he has spoken out against anti-immigration sentiment by some in the U.S.

"The United States has been the leader in the world for 200 years because it's had a very aggressive immigration policy," he said last week at an investment conference in Boca Raton, Florida. "I think that this current period of anti-immigration is very dangerous to the future of our country."

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