Biden Meets with Business Leaders to Give New Momentum to His Build Back Better Plan

President Joe Biden is renewing his push to get his big economic aid and social spending plan called Build Back Better through Congress.

On Wednesday, Biden hosted a group of 10 top business leaders at the White House to discuss the $1.7 trillion dollar package that is stalled in Congress.

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The event was aimed at showcasing an element of the Build Back Better bill that hasn't gotten a lot of attention: what it would do for business.

“It's about the here and now and the future,” Biden said. "It's good for families, it's good for the economy and it's good for the country."

Mary Barra, CEO of General Motors, Jim Farley, CEO of Ford Motor, Marc Benioff, Co-CEO of Salesforce, Brad Smith, President of Microsoft, Josh Silverman, CEO of Etsy, the CEO of Siemens Corp., Barbara Humpton, and Corning CEO Wendell Weeks were among those who participated.

Biden recalled that the plan would include funding for universal preschool, child care and clean energy initiatives, among other things. Because this will also allow for a better developed labor force to face the challenges of the country's economic development and the environmental crisis facing the world.

Biden also highlighted the economic aid plan assumes clean energy industrialization: “We are, we are bringing back American manufacturing, or, should I say, all of you are bringing back American manufacturing. And we are helping along the way here”, highlighted the president

Biden meets with business leaders to give new impetus to his Build Back Better plan

“The industrial Midwest, believe it or not, is making a comeback. I came here when I was in my 20s and 30s, and the industrial Midwest was still going strong. But it's coming back and doing some of the most sophisticated manufacturing in the world," Biden said.

“I really focused on the climate initiatives in the bill,” said Tom Linebarger, chief executive of the Cummins diesel engine company, who was among the attendees at the White House roundtable. “The truth is that companies cannot do it on our own. We need infrastructure. we need an energy policy, we need many other things to support it. Because a fuel cell truck can only be used if hydrogen is available,” Linebarger said.

Microsoft's Brad Smith recognized that there is a very important connection between the pieces of Build Back Better and what is important not only to Microsoft's business, but to all American businesses. He added: “From our perspective, Build Back Better will help address short-term supply shortages while, I will also say, build a long-term foundation for another critical element that companies need: namely, people with the skills to do the jobs we are creating.”

General Motors Co. CEO Mary Barra and Ford Motor Co. CEO Jim Farley on Wednesday urged passage of President Joe Biden's climate policy and social safety net bill. Both companies pledged at the United Nations Climate Change Conference to work toward making all new car sales globally zero-emission vehicles by 2040, and GM pledged to pursue zero-emission vehicle sales by 2035.

Mary Barra noted: “To do that, you need a good public-private partnership. Because for us to make those investments, we need provisions, especially the environmental provisions or the climate provisions that the EV credits are going to uncover. We see EV credits stimulating the market. And to meet the aggressive greenhouse gas reduction targets that we have, strong demand is very important.”

Barra concluded by telling Biden that approving $52 billion in funding for domestic semiconductor chip manufacturing “really is a national imperative. “Without having the ability to have that supply chain in this country, our ability to lead in electric and autonomous vehicles will suffer. And these are key technologies for the future.”

With moderate senators holding out, Democrats have been unable to muster the votes to push through the measure that is one of the Administration's fundamental pillars.

But there appears to be growing support from the country's big business for legislation that favors social development, bolsters protection against climate change, and encourages the creation of a specialized workforce and advanced industrial development.