Source: Wall Street Journal
WASHINGTON—President Barack Obama on Monday told corporate leaders they must shoulder responsibility for lifting the shaky economy and vowed to "knock down" government barriers that hamper business growth.
Mr. Obama, speaking to the U.S. Chamber of Commerce, the large business lobby, said he wants the business community's help in revamping the corporate-tax code, expanding the economy and making government run more efficiently.
"We're trying to run the government more like you run your businesses—with better technology and faster services," Mr. Obama said at the chamber.
In exchange for their help, Mr. Obama said, to applause, "I'll go anywhere anytime to be a booster for American businesses, American workers, and American products."
The president, striking an optimistic and conciliatory tone, said the business community and his administration are in the same fight to expand the economy. He said the U.S. still has the most vibrant, dynamic economy and the best workers.
"Now is the time to invest in America," Mr. Obama repeated to applause.
U.S. Chamber of Commerce President Thomas J. Donohue said the business group has an "absolute commitment" to work with the administration to advance business interests.
Mr. Obama's relations with the business community soured during his first two years in office as he blamed bankers for causing the financial crisis. A wave of new regulations from the health-care law to the overhaul of Wall Street have also raised ire in the business community.
Mr. Obama joked about his shaky relationship with the chamber and business community.
"Maybe if we had brought over a fruitcake when I first moved in we would have gotten off to a better start," Mr. Obama said. The chamber's headquarters is located across the street from the White House.
Mr. Obama vowed, "I'm going to make up for it."
The president has taken steps recently that appear aimed at appeasing the business community, from choosing a chief of staff who used to work with J.P. Morgan Chase & Co. to calling for federal agencies to identify outdated, onerous regulations that can be taken off the books.
While Mr. Obama said he is ready to work with the business community, he also reiterated the importance of government regulation. "The perils of too much regulation are matched by the dangers of too little," Mr. Obama said. He added, "We saw that in the financial crisis, where the absence of sound rules of the road was hardly good for business."
The business community has said the overhaul of the financial sector ushered in new rules that will make it hard for American businesses to compete. Mr. Obama said the rules passed in the financial overhaul were "commonsense" reforms aimed at protecting consumers and the overall economy.
Mr. Obama mentioned Paul Volcker, the former Federal Reserve chairman, in his speech. Mr. Volcker, now a presidential adviser, backed a rule during the financial crisis now carrying his name that is designed to discourage banks from engaging in risky trades with their own money. The financial industry has said the rule may limit their ability to grow.
Mr. Obama is set to have lunch with Mr. Volcker Monday afternoon.
