Jeffrey R. Immelt, Chairman of General Electric (GE), made his first speech as Chairman of the President's Council on Jobs and Competitiveness at the Economic Club. Mr. Immelt briefly described the way the council is expected to function and outlined the key competitiveness issues that the council will explore in seeking ways to stimulate the U.S. economy and create new jobs. In particular, he cited better education, especially in science; infrastructure investments, free-trade agreements, and immigration reform as essential factors in enhancing U.S. competitiveness.
Mr. Immelt also said that corporate tax reform is critical to improving the global competitive ability of U.S.-based corporations. He described the current tax system as "old, complex and uncompetitive" and said, "Like most of our business colleagues, GE favors closing tax loopholes, a lower corporate rate and a territorial system."
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