President-elect Donald Trump announced the formation of a council to advise him on job creation, a group composed of the leaders of a variety of major U.S. corporations including General Electric, General Motors, Boeing, Disney and IBM. Stephen Schwarzman, chief executive officer of major investment firm Blackstone Group LP, will chair the council. "My administration is committed to drawing on private sector expertise and cutting the government red tape that is holding back our businesses from hiring, innovating and expanding right here in America," Trump said in a statement announcing the formation of the council. Trump called Schwarzman earlier this week to ask for his help in chairing the council, according to a source familiar with the discussions who was not authorized to speak publicly on the arrangements. The two men, who are not friends and have not done business together before, drafted a list of CEOs to ask to participate in the forum, and then Schwarzman asked each individual to participate. The forum could meet as frequently as monthly, the source said. Trump has said that his top priorities will include cutting regulations that affect business and lowering the corporate tax rate, positions business leaders have cheered. Presidents often convene councils of business leaders. President Barack Obama frequently met with the CEOs of large companies and often spoke before the Business Roundtable, composed of CEOs of big corporations. In 2011, Obama convened a jobs council that was led by GE CEO Jeff Immelt and an export council headed by Xerox Corp. CEO Ursula Burns. Obama and business leaders worked on trade, technology and immigration efforts. Some members of Trump's council also served in advisory roles with Obama, including Bob Iger, the CEO of Walt Disney; Jim McNerney, former CEO of Boeing; and Ginni Rometty, CEO of International Business Machines. All three served on Obama's export council and will continuing advising the next administration. Noticeably absent from the council are heads of leading U.S. technology companies such as Google's parent Alphabet, Apple and Facebook. Trump's transition team has been slow to establish a group to address cybersecurity and other technology issues. The council could still add leaders from technology companies, a source familiar with the formation of the group said. Other members of Trump's council include: — Paul Atkins, CEO, Patomak Global Partners, LLC, former commissioner of the Securities and Exchange Commission — Mary Barra, chairman and CEO, General Motors — Toby Cosgrove, CEO, Cleveland Clinic — Jamie Dimon, chairman and CEO, JPMorgan Chase — Larry Fink, chairman and CEO, BlackRock — Rich Lesser, president and CEO, Boston Consulting Group — Doug McMillon, president and CEO, Wal-Mart Stores — Adebayo "Bayo" Ogunlesi, chairman and managing partner, Global Infrastructure Partners — Kevin Warsh, Shepard Family distinguished visiting fellow in economics, Hoover Institute, former member of the Board of Governors of the Federal Reserve System — Mark Weinberger, global chairman and CEO, Ernst & Young — Jack Welch, former chairman and CEO, General Electric — Daniel Yergin, Pulitzer Prize winner, vice chairman of IHS Markit Ltd.
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December 22, 2020