Obama Seeks CEO Advice on Economy at White House

By Roger Runningen

May 3 (Bloomberg) — President Barack Obama is soliciting the views of corporate leaders including JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon and Caterpillar Inc. CEO James Owens on the economy and financial regulation at a White House dinner.

Dimon and Owens are among 13 members of the Business Council whom the president invited for the session in the State Dining Room before he gives a speech on job creation and the economy to the 77-year-old organization tomorrow.

Tonight’s agenda includes the legislation pending in the Senate to overhaul U.S. financial regulations as well as efforts the administration is undertaking to spur economic growth, White House press secretary Robert Gibbs said.

Obama will “reiterate his support for, and ask business for their support, for financial regulations” and talk with executives about steps he’s taking “to rebuild the economy and put in place an environment for continued hiring,” Gibbs said.

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Along with Owens and Dimon, those at tonight’s dinner, according to the White House, are vice chairmen of the group’s executive committee Rex W. Tillerson, CEO of Exxon Mobil Corp.; Ronald A. Williams, chief executive of Aetna Inc. and Patricia A. Woertz, CEO of Archer Daniels Midland Co.

Dinner Guests

Joining the president and the executives will be Treasury Secretary Tim Geithner, National Economic Council Director Lawrence Summers, and White House economic adviser Austan Goulsbee. Obama’s chief of staff, Rahm Emanuel, and senior adviser Valerie Jarrett, who has been an administration liaison to businesses, also are taking part.

The Business Council was formed in 1933 to give advice and provide business expertise to presidents and government officials.

To help pull the U.S. out of the worst recession since the 1930s, Obama has won congressional approval of a $862 stimulus program, tax credits for small business and extensions of unemployment insurance.

To read more, visit: http://www.businessweek.com/news/2010-05-03/obama-seeks-ceo-advice-on-economy-at-white-house-update1-.html

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