Biden Meets With Top CEOs to Garner Support for $1.9 Trillion Covid Stimulus

President Joe Biden met with leading chief executives including JPMorgan Chase’s Jamie Dimon and Walmart Inc.’s Doug McMillon to boost support for the $1.9 trillion virus relief plan he’s trying to push through Congress.

Gap Inc. CEO Sonia Syngal and Lowe’s Cos. CEO Marvin Ellison also attended the Oval Office meeting Tuesday afternoon. Biden said the group would discuss the state of the economy and his rescue plan, which would raise the minimum wage, plus a forthcoming push to rebuild the nation’s roads and bridges.

“There’s a whole range of issues, but I think they’re all solvable,” Biden told reporters. “I’m anxious to hear what these business leaders have to say about what they think about how we’re approaching this issue and to see if we can find some common ground.”

Treasury Secretary Janet Yellen and Vice President Kamala Harris were also present, along with Tom Donohue, CEO of the U.S. Chamber of Commerce.

Endorsements from major U.S. business leaders could help Biden garner Republican support for his stimulus, though the White House has indicated it is prepared to pass the bill through Congress with only Democratic votes. Congressional Democratic leaders have laid groundwork to move the legislation using a procedure that would require only simple majority support in the Senate, rather than the 60 votes normally needed to end a filibuster.

Biden and the business leaders discussed the economic pain still faced by many Americans and how to ensure an equitable recovery, according to a person briefed on the more than 90-minute meeting.

The corporate leaders shared some of their business practices with Biden and his team, such as how they administer benefits for lower-paid workers, the person said. None of the CEOs were asked to support any specific policy, the person said.

“We had a constructive and detailed conversation that covered a lot of ground – the urgent struggles of so many Americans, a path to a sustainable and equitable economic recovery, and the future of American competitiveness,” Dimon said in a statement. “I appreciated the opportunity to discuss these serious issues today, and look forward to working with Republicans and Democrats to build an economy that is stronger, more resilient, and more inclusive.”

The leaders also discussed the pandemic and its effect on minorities and women, according to a statement from Gap.

Syngal “emphasized a shared and urgent concern for the ways Covid has disproportionately impacted select communities, as more than half of U.S. jobs lost during Covid were held by women -- the majority of whom are Black and Latinx,” Gap spokeswoman Debbie Felix said.

The Chamber of Commerce, one of the most powerful lobbying groups in Washington, has traditionally aligned itself with the GOP, but pivoted last year to begin working more with Democrats after clashing with the Trump administration over its protectionist trade measures. McMillon is also chairman of the Business Roundtable, another influential lobby in Washington.

White House Press Secretary Jen Psaki suggested Biden wouldn’t specifically ask the leaders to officially throw their support behind the plan, instead casting the meeting as a chance for the president to lay out the specifics of his proposal and get feedback.

The biggest U.S. banks, including JPMorgan, have recently faced complaints that their scaling back of consumer lending has hurt businesses and households still struggling in the pandemic-battered economy. Psaki indicated Biden would not raise those issues with Dimon or other executives and instead would keep the discussion focused on his stimulus plan.

“The president does not have a litmus test that he gives people before he meets with them in the Oval Office,” Psaki said. “They don’t agree with him on everything. I’m sure the business leaders would convey that to you. He doesn’t agree with them on everything.”

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[arentube]

Since the stimulus checks account for less than 12% of the $1.9 Trillion, I guess we now know a little bit more about where the 88% is going

[luntershaptopfukinov]

CEOs?
From Bank of China, bank of Moscow, Bank of Ukraine, Planned parenthood, OPEC, Bank of Iran, etc?

[danielcollins]

The same ceos that he wants to double thier taxes? More like he will double our taxes instead

[YBfromHolworthy-iotv]

The crook meets with the criminals to plot more crimes

Did he meet with any small business owners who would love to have to pay their employees even more money because of government mandates?

[CG-vniy]

Are they paying for it? No?!?! Then who gives a flying shit what they think?

[toniajackson]

As usual- nothing for the American worker . . .

[markinaction]

Payback time for the big guy. He might owe some of that 10% of his normal take.

[hotfourthree]

Hell yea make it 5 trillion, let’s break this MFR
then we’ll run them all out of the country so we can install an honest government
That is for the people and by the people

[arcajeth]

Why does he need support of CEO's? This stinks...

[senorcougar]

Where’s Hunter? I thought he was the smartest person President Biden knew. Probably holding out for a bigger kickback...

[TuxTxFpv]

Joe just inviting them to an eyes wide shut party.

[topchief]

When the dysfunction is so obvious, you can't keep it hidden anymore.

[prefersoxygen]

No compliments for old Joe....how long is Bloomberg going to keep the comments on?
Epstein sounds like she is just making it up.
Ohhh, the impeachment, seems a waste of time. They don't have the votes

[tkdolphin]

Why doesn't he meet with every day people? What should CEO's have to do with this?

[jbrownjetmech-]

Everybody is masks off until the camera is on...then MASKS UP!!

[jimjim]

Well, he promised the leading chief executives that he would raise the minimum wage to $15 which of course will put many small businesses out of business leaving the field open for the leading corporations to fill in the "void" while the poverty & unemployment levels rise.

[CaddyJim]

Still no promised stimulus checks more importantly it's small business that's hurting not the Fortune 500 companies mostly due to local governors picking & choosing which jobs & businesses are essential

[wordpressobsessed]

Notice the framed pictures behind Joe at the desk at 3:32, then look at the same shot at 3:37. Same room, same desk, completely different photos. Now why would that be? Do the pictures get changed out every couple weeks?

[youasked]

Walmart one of the largest retailers of Chinese made goods