Biden will host CEOs at the White House to promote his stalled Build Back Better bill; Hoyer predicts substantial portion to pass
Posted 1.26.22 in General
President Joe Biden will meet in person with the CEOs of 10 major corporations on Wednesday to discuss the potential benefits to business of his Build Back Better Act. The CEOs of General Motors, Siemens, Microsoft, HP, and Ford are among those invited to offer support for Biden’s safety net and environmental bill currently stalled in Congress.
The event appears to be geared at highlighting an element of the Build Back Better Act that has not garnered much attention: What Build Back Better would do for business.
Discussion among the CEOs is expected to “highlight what they see as the key benefits of BBB for the American economy and American business,” according to a White House spokesperson. The framework contains legislation that would raise corporate tax rates and impose a minimum tax on profits. For the past year, business groups have largely opposed the bill’s passage. Additionally, highlighting the business side of the plan could help Biden move the biggest obstacle standing in the way of the bill: Conservative Democratic Sen. Joe Manchin, who announced his opposition to the bill in December citing rising inflation.
The list of attendees includes:
Mary Barra, Chair and Chief Executive Officer of General Motors
Marc Benioff, Chair, Co-Chief Executive Officer and Co-Founder of Salesforce
Thasunda Brown Duckett, President and Chief Executive Officer of TIAA
Jim Farley, President and Chief Executive Officer of Ford
Barbara Humpton, President and Chief Executive Officer of Siemens Corporation
Tom Linebarger, Chairman and Chief Executive Officer of Cummins
Enrique Lores, President and Chief Executive Officer of HP
Josh Silverman, Chief Executive Officer of Etsy
Brad Smith, President and Vice Chairman of Microsoft
Wendell Weeks, Chairman and Chief Executive Officer of Corning
Also on Tuesday, House Majority Leader Steny Hoyer (D-Md.) forecasted that substantial portions of the framework will become law before the midterm elections, dismissing the current impasse over the Build Back Better Act as a routine bump in the legislative process. “The overwhelming majority of that piece of legislation is supported by 50 Democratic United States senators, and they’ve said so,” Hoyer said to Politico. “There are some things that they don’t support, and we haven’t moved ahead on that. But we need to keep working on that, and we need to get it done.”
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