President-elect Trump taps CEOs for new job creation council

Chaired by Blackstone Group CEO Stephen Schwarzman, new council to recommend axing job-killing Obama regulations, making U.S. corporate tax rates competitive.

New Trump Presidential jobs advisory council chair and Blackstone CEO Stephen Schwarzman, photo taken at Blackstone HQ in New York. (Image via Wikipedia entry on Stephen Schwarzman, credit Lishabai Yi, Middle Kingdom Media Ltd., CC 4.0)

WASHINGTON, December 2, 2016 – In further positive news for American business, President-elect Donald Trump announced the formation of a council to advise him on job creation Friday.

In a prepared statement, the President-elect provided his rationale for creating this new presidential council, declaring

“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.”

The council’s membership will include CEOs from some of the country’s largest businesses, but will not include executives from Silicon Valley, whose CEOs were uniformly hostile to Trump during his presidential campaign.

Chairing the new council will be Stephen Schwarzman, the CEO and co-founder of Blackstone Group LP (trading symbol: BX).* Blackstone is the world’s largest alternative asset manager.

According to Reuters,

“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.”

In addition to new council chair Schwarzman, Trump’s new council members include Paul Atkins, CEO, Patomak Global Partners, LLC, and former Commissioner of the U.S. Securities and Exchange Commission (SEC); Mary Barra, Chairman and CEO, General Motors Co. (GM); Toby Cosgrove, CEO, Cleveland Clinic; Jamie Dimon, Chairman and CEO, JPMorgan Chase & Co (JPM); Larry Fink, Chairman and CEO, BlackRock Inc. (BLK); Bob Iger, Chairman and CEO, The Walt Disney Co; Rich Lesser, President and CEO, Boston Consulting Group; Doug McMillon, President and CEO, Wal-Mart Stores, Inc. (WMT); Jim McNerney, Former Chairman, President, and CEO, Boeing; Adebayo “Bayo” Ogunlesi, Chairman and Managing Partner, Global Infrastructure Partners; Ginni Rometty, Chairman, President, and CEO, IBM (IBM); 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, EY (an international professional services firm formerly known as Ernst & Young); Jack Welch, Former Chairman and CEO, General Electric (GE); and Pulitzer Prize-winner Daniel Yergin, Vice Chairman of IHS Markit Ltd. (INFO).

*Disclosure: This reporter currently owns shares of Blackstone Group LP (BX).

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