Joe Biden administration seeks business support for Covid relief plan
Published Date: 2/11/2021
Source: CNBC Television
CNBC's Brian Schwartz joins "Worldwide Exchange" to discuss plans from President Joe Biden to shore up support from the U.S. business community for the White House's coronavirus economic relief package. For access to live and exclusive video from CNBC subscribe to CNBC PRO: https://cnb.cx/2NGeIvi The White House has been reaching out to executives in several industries to rally support for the Biden administration’s $1.9 trillion Covid-19 relief plan, according to people familiar with the matter. In the past week, administration officials have held at least two calls with leaders from multiple business sectors, including Wall Street and tech, said these people, who declined to be named in order to speak freely. Brian Deese, President Joe Biden’s top economic advisor, participated in some of the calls, one of the people said. Most of the calls have been anchored by the Office of Public Engagement, which is run by former Rep. Cedric Richmond, another person said. According to a White House official, who declined to be named, the administration has engaged with companies and groups including: American Airlines The U.S. Chamber of Commerce The Business Roundtable Ernst & Young The National Association of Manufacturers General Motors The Black Economic Alliance These calls are in addition to the meeting Biden and Treasury Secretary Janet Yellen had Tuesday with several key CEOs in the Oval Office to discuss the relief plan. The administration and congressional Democrats aim to pass the measure by mid-March. With these calls, Biden officials are looking to create a coalition to back the president’s relief plan, said the people familiar with the matter. Most of the participants have expressed support for much of Biden’s proposal, the people said. “They’re making sure everybody supports it,” said a person familiar with the outreach. “Nothing is too big,” this person added, explaining the consensus view of the business leaders. The administration is also consulting with business leaders, along with lawmakers and other stakeholders, to find ways to potentially improve the legislation, the White House official said. The discussions have focused on various aspects of the plan, including its overall price tag, direct $1,400 payments to Americans and the prospect of raising the federal minimum wage, the official added. The administration has also sought feedback from executives on how they have handled the pandemic. Some of the leaders with whom the White House has engaged are opposed to certain aspects of Biden’s plan. Departing U.S. Chamber of Commerce CEO Tom Donohue, who met with Biden on Tuesday, has cautioned against raising the minimum wage to $15. The raising of the minimum wage is part of Biden’s Covid relief plan. The chamber has said it supports Biden’s overall proposal for taking on the coronavirus pandemic. Sixty-three percent of small business owners support the $1.9 trillion Covid relief package, according to the latest quarterly CNBC|SurveyMonkey Small Business Survey. Biden himself has started meeting with top-tier executives about the proposal and future policy plans. Biden, Vice President Kamala Harris and Yellen met on Tuesday with JPMorgan CEO Jamie Dimon, Walmart CEO Doug McMillon, Gap CEO Sonia Syngal, Lowe’s CEO Marvin Ellison and Donohue. » Subscribe to CNBC TV: https://cnb.cx/SubscribeCNBCtelevision » Subscribe to CNBC: https://cnb.cx/SubscribeCNBC » Subscribe to CNBC Classic: https://cnb.cx/SubscribeCNBCclassic Turn to CNBC TV for the latest stock market news and analysis. From market futures to live price updates CNBC is the leader in business news worldwide. The News with Shepard Smith is CNBC’s daily news podcast providing deep, non-partisan coverage and perspective on the day’s most important stories. Available to listen by 8:30pm ET / 5:30pm PT daily beginning September 30: https://www.cnbc.com/2020/09/29/the-news-with-shepard-smith-podcast.html?__source=youtube%7Cshepsmith%7Cpodcast Connect with CNBC News Online Get the latest news: http://www.cnbc.com/ Follow CNBC on LinkedIn: https://cnb.cx/LinkedInCNBC Follow CNBC News on Facebook: https://cnb.cx/LikeCNBC Follow CNBC News on Twitter: https://cnb.cx/FollowCNBC Follow CNBC News on Instagram: https://cnb.cx/InstagramCNBC https://www.cnbc.com/select/best-credit-cards/ #CNBC #CNBCTV