President Joe Biden accompanied by U.S. Vice President Kamala Harris and Treasury Secretary Janet Yellen (not pictured) attends a meeting with business leaders at the White House Oval Office in Washington on 9 February 2021.
Carlos Barria | Reuters
The White House has been contacting executives from various industries to support support for the $ 1.9 trillion Covid-19 aid plan from the Biden administration, according to people familiar with the matter.
Last week, administration officials have held at least two calls with leaders from various business sectors, including Wall Street and technology, said these people, who declined to be appointed to speak freely.
Brian Deese, President Joe Biden’s top economic adviser, was involved in some of the calls, one of the people said. Most of the calls have been anchored by the Office of Public Engagement, headed by former Rep. Cedric Richmond, another person said.
According to a White House official, who refused to be appointed, the administration has collaborated with companies and groups, including:
- American Airlines
- The US Chamber of Commerce
- The business round table
- Ernst & Young
- The National Association of Manufacturers
- General Motors
- The Black Economic Alliance
These calls add to the meeting Biden and Treasury Secretary Janet Yellen had on Tuesday with several key CEOs in the Oval Office to discuss the relief plan. The congressional administration and Democrats plan to pass the measure in mid-March.
President Joe Biden sits next to U.S. Treasury Secretary Janet Yellen (R) as he holds a meeting with business leaders on a Covid aid bill at the White House Oval Office in Washington , DC, February 9, 2021.
Saul Loeb | AFP | Getty Images
With these calls, Biden officials are looking to create a coalition to support the president’s relief plan, people who knew the matter said. Most participants have expressed support for much of Biden’s proposal, according to people.
“They make sure everyone supports it,” said one person familiar with the broadcast. “Nothing is too big,” this person added, explaining the consensus view of business leaders.
The administration is also consulting with business leaders, along with lawmakers and other stakeholders, to find ways to potentially improve legislation, the White House official said.
Discussions have focused on several aspects of the plan, including the overall price, direct payments of $ 1,400 to Americans and the prospect of raising the federal minimum wage, the official added. The administration has also asked executives for information on how they have handled the pandemic.
Some of the leaders with whom the White House has collaborated oppose certain aspects of the Biden plan.
Tom Donohue, CEO of the U.S. Chamber of Commerce, who met with Biden on Tuesday, has warned of raising the minimum wage to $ 15. The increase in the minimum wage is part of Biden’s Covid aid plan. The chamber has said it supports Biden’s overall proposal to take on the coronavirus pandemic.
Sixty-three percent of small business owners support Covid’s $ 1.9 trillion relief package, according to CNBC’s latest quarterly survey | SurveyMonkey Small Business Survey.
Biden himself has begun meeting with top executives on the proposal and future policy plans.
Biden, Vice President Kamala Harris and Yellen met with JPMorgan CEO Jamie Dimon on Tuesday. Doug McMillon, CEO of Walmart, Sonia Syngal, CEO of Gap, Marvin Ellison, CEO of Lowe and Donohue.
Jamie Dimon, President and CEO of JPMorgan Chase, attends a meeting hosted by U.S. President Joe Biden with business leaders on a Covid-19 relief bill at the White House Oval Office in Washington, DC, February 9, 2021.
Saul Loeb | AFP | Getty Images
The discussion began with a 15-minute speech by Biden, who stressed the need to fight the virus and help the economy at the same time. Ellison spoke of the importance of jobs, while Dimon spoke of the need for a policy that leads to healthy economic growth.
Meanwhile, Democrats in Congress seem to be on track to pass the plan without the help of Republicans, who have called for a much smaller package.
House and Senate Democrats recently passed a budget resolution that could help pass the aid bill without Republican support. House Speaker Nancy Pelosi, D-California, said after the budget resolution was passed that her House Democrats will aim to pass her party’s relief proposal in two weeks.
The resolution ordered committees to draft a set of coronavirus aid measures included in Biden’s proposal, such as $ 1,400 direct, an increase in federal unemployment of $ 400 a week through September, $ 350 billion in aid state, local and tribal, funds for Covid-19 vaccines and testing and rental and mortgage assistance.
Still, some Democrats have expressed concern about the goal of the $ 1,400 checks. Senator Joe Manchin, DW.Va., for example, has said he is concerned that stimulus checks will go to too many high-income people who may not necessarily need help.
Senator Bernie Sanders, I-Vt., Said there should be no income limit on who can receive checks from the federal government.
Biden has said he is open to negotiating eligibility for payments, which under the current proposal would go entirely to people earning up to $ 75,000 and couples earning up to $ 150,000.