You're watching...
UBS Americas Chairman Robert Wolf argues a focus on infrastructure through a public-private partnership would be the best way to boost U.S. GDP growth...
Also in this playlist...
Auto-advance: ON
Auto-advance
This transcript is automatically generated
-- getting aggressive on job creation president Obama's council on jobs and competitiveness pushing for foreign investments infrastructure upgrades.
And a tax code overhaul to kick start the jobs train but.
We would be to jolt our economy needs.
Robert wolf is the chairman of UBS America as a member of president Obama's council on jobs and competitiveness.
He is joining us now live from Pittsburgh welcome thank you for joining us mr.
wolf we appreciate it.
Thank you -- well we heard a whole bunch of ideas we've heard ideas from the president are they the bright ideas of what if so which are the best ones that really speak.
-- your mind -- your heart about job creation in this country.
Great.
Well -- well we had a great session we call that dot taking action in building confidence.
As you mentioned we had about five key themes.
And we presented our strategy to the president today.
The theme that I think obviously makes the most sense it's bipartisan that's very pro business is infrastructure.
You know from where I -- it's the best multiplier of GDP.
That we have for every dollar spent it's about one point six times multiplier.
For every billion dollars spent you get 25 plus thousand jobs.
And we all know that this country needs to have infrastructure that's working in and safe so.
That that was certainly one of the key points for us and we believe that -- be creation of a national infrastructure bank.
So you can really.
Take this private money that's on the sidelines and help put it to work and public private partnerships.
Well after it was Bob's gonna say after a lot of public money went in the first stimulus to what was supposed to be a lot of infrastructure.
How would this work I mean we we obviously feel better it's private money -- kicking -- this role but.
Tell us in -- what is that is their sort of a guarantee that that money would step up to the plate and be put to work on real.
Projects gigantic project support a lot of people to work.
Well the idea of a national infrastructure bank money would only BCB.
Would only go while.
If the the project was approved.
With public private partnership -- -- project.
Would only go forward if you had the private funding that which is a disproportionate.
Amount of the project itself.
Which therefore you would need to have user fees and returns.
-- -- get interest from private partnerships.
So.
It's very different than just federal money.
It's nothing like -- GSE so it has no correlation.
To Fannie -- Freddie this is just a totally different type of.
Structure might be a little more palatable to taxpayers in if it's really formulated like got another idea that was talked about.
Was encouraging start ups now when I talk to CEOs that all tell me just encourage business creation.
But part of that Robert.
Is making it easier for people to actually start businesses start ups -- -- and I wonder.
Course with this tone of this country and the sadness that comes with losing Steve Jobs.
It up she started apple in that in.
In a garage Google started in -- I'm just wondering in this day and age where there's so much regulation of well you had -- is the garage light hooked up properly.
Do we need to work more on on streaming on streamlining.
It that the kind of a regulation that is holding a lot of these companies back that that should go hand in hand with that.
Well list you just kinda hit 241.
On our five themes away from just infrastructure.
One was -- on -- and -- -- and small business which today we had a great presentation.
By Steve case.
As well as Sheryl -- FaceBook.
And they really drove home the point.
That entrepreneurs and small business growth companies is really the future of job creation and has been for the last 25 years whether it's a FaceBook.
You know secondly another one about five points that Matt rose really spearheaded.
What's the idea of streamlining regulation and permanent so you just put that combination together and I think it's certainly something.
Listen we need regulation when it's for the safety and soundness of the country we also now need to make sure that we don't have regulation that is burdensome.
With respect to job creation.
And we we're working very closely with the White House they have an individual -- lasting.
That business speaks to to make sure we have a better balance between regulation and business growth.
Well we like business people talking to the government because you guys are the ones who know how to make it happen we'd love to have you back mr.
wolf we come back on the program.
Look forward to the invite thank you so much Robert wolf is the chairman of UBS Americas and a member of president Obama's council.
On jobs and competitive seats at the meeting this morning and helping to guide the president we need we need big ideas here closing bell.
