7/30/2019 BRT CEOs Letter to the President Re: Smart Reforms and the Fiscal Cliff
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300 New Jersey Avenue, NW Telephone 202.872.1260Suite 800 Facsimile 202.466.3509Washington, DC 20001 Website brt.org
December 11, 2012
The PresidentThe White HouseWashington, DC 20500
Dear Mr. President:
As CEOs of companies representing more than $7.3 trillion in annual revenuesand more than 16 million employees, we write to express our belief that theUnited States will suffer significant negative economic, employment, and socialconsequences for going over the fiscal cliff. In many cases the damage will belong-lasting, if not permanent. But it does not have to happen.
We urge you to step forward and demonstrate that principled compromise isonce again possible and that the American political system that underpinned theeconomic success of our nation and others can function as designed. For far toolong, political paralysis has fueled global uncertainty that discourages businessesfrom investing and hiring new workers. This paralysis must come to an end, and
in a way that resists the temptation to declare winners and losers.
We pledge our active support for a compromise that includes comprehensiveand meaningful tax and entitlement reforms that result in market-crediblespending reductions and revenue growth. The deal should be a balancedsolution to the fiscal cliff and long-term deficit and debt issues. To address thesechallenges with the scale of response required, no options should be precludedfrom a potential solution.
Compromise will require Congress to agree on more revenue whether by
increasing rates, eliminating deductions, or some combination thereof and theadministration to agree to larger, meaningful structural and benefit entitlementreforms and spending reductions that are a fiscally responsible multiple of increased revenues. By initiating these reforms simultaneously, and withoutundermining the broader reforms both parties believe should be pursued, youcan rebuild the trust needed for our political system to function and theconfidence needed for businesses to invest in new factories, equipment, andemployees.
Chairman
W. James McNerney, Jr.The Boeing Company
President
John Engler Business Roundtable
Executive Committee
Ajay BangaMasterCard Incorporated
Ursula M. BurnsXerox Corporation
Kenneth I. Chenault American Express Company
David M. CoteHoneywell International, Inc.
Alexander M. Cutler Eaton Corporation
James DimonJPMorgan Chase & Co.
Michael T. DukeWal-Mart Stores, Inc.
Jeffrey R. ImmeltGeneral Electric Company
Andrew N. LiverisThe Dow Chemical Company
Gary W. LovemanCaesars Entertainment Corporation
Robert A. McDonaldThe Procter & Gamble Company
Harold McGraw IIIThe McGraw-Hill Companies
Douglas R. OberhelmanCaterpillar Inc.
Edward B. Rust, Jr.
State Farm Insurance Companies
Randall L. Stephenson AT&T Inc.
Rex W. TillersonExxon Mobil Corporation
Maggie Wilderotter Frontier CommunicationsCorporation
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December 11, 2012 Page 2
For most of our careers, the American system of governance earned global respect and emulation. Politicians put aside partisan rancor and ideological purity to deal with major challenges. This was a significant asset for the country, a source of confidence with respect to investment, trade, and commerce.
This hard won asset has been tarnished over time, albeit unintentionally.
You now have an opportunity to turn political swords into governing plowshares. This opportunity must not be squandered. The U.S. economy has been stalled on the road to greater prosperity. We believe it is primed for strong and sustained expansion. American businesses know how to create jobs and compete in a diverse global market. We are poised and ready to do so if the conditions for growth are set in a comprehensive agreement on the fiscal cliff.
When all is said and done Americans are interested in solutions. Winston Churchill once said
that Americans can be counted on to do the right thing after exhausting all other alternatives. We just need to do so before it is too late.
Sincerely,
W. James McNerney, Jr. Chairman, President and CEO
The Boeing Company
David M. Cote Chairman and Chief Executive Officer Honeywell International, Inc.
Andrew N. Liveris Chairman & CEO The Dow Chemical Company
Robert A. McDonald Chairman of the Board, President and CEO The Procter & Gamble Company
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December 11, 2012Page 3
Paul W. Jones
Chairman & CEOA. O. Smith Corporation
Enrique O. SantacanaPresident and CEOABB Inc.
Miles D. WhiteChairman & Chief Executive OfficerAbbott
Evan G. GreenbergChairman & CEOACE Group
Andrs R. GluskiPresident and CEOAES Corporation
Mark T. BertoliniChairman, Chief Executive Officer
and PresidentAetna Inc.
Martin Richenhagen
CEO, Chairman and PresidentAGCO
James L. WainscottChairman, President & CEOAK Steel Corporation
Klaus KleinfeldChairman & CEOAlcoa
Lee Styslinger IIIChairman & Chief Executive OfficerAltec, Inc.
Kenneth ChenaultChairman & CEOAmerican Express
James G. CarlsonChairman, President and CEOAmerigroup
James M. Cracchiolo
Chairman and Chief Executive OfficerAmeriprise Financial
G. Steven FarrisChairman & CEOApache Corporation
John EavesPresident & CEOArch Coal, Inc.
Randall L. StephensonChairman & CEOAT&T Inc.
Carlos RodriguezPresident & CEOADP
Dean A. ScarboroughChairman, President & CEOAvery Dennison Corporation
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December 11, 2012Page 4
Ronald L. NelsonChairman & CEOAvis Budget Group
John A. HayesPresident and CEOBall Corporation
Brian MoynihanCEOBank of America
Brent SaundersPresident & CEOBausch & Lomb Incorporated
Marijn E. DekkersCEO Bayer AG
Bayer AG
Riley P. BechtelChairman and Chief Executive OfficerBechtel Group, Inc.
Laurence D. FinkChairman and Chief Executive OfficerBlackRock
Matthew K. RoseChairman & CEOBNSF Railway
Timothy M. ManganelloChairman and Chief Executive OfficerBorgWarner Inc.
Tom SchievelbeinChairman, President and CEOBrinks Company
Maurice R. GreenbergChairman & CEO
C. V. Starr & Co., Inc.
William E. McCrackenChief Executive OfficerCA Technologies
Gary W. LovemanChairman, President & CEOCaesars Entertainment
Denise M. MorrisonPresident and Chief Executive OfficerCampbell Soup Company
George S. BarrettChairman and CEOCardinal Health
Doug OberhelmanChairman and CEOCaterpillar Inc.
Robert SulenticPresident and CEO
CBRE, Inc.
Stephen R. WilsonChairman and CEOCF Industries Holdings, Inc.
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December 11, 2012Page 5
Lee A. McIntireCEOCH2M HILL Companies, LTD.
Walter W. BettingerPresident & CEOThe Charles Schwab Corporation
Aubrey K. McClendonCEOChesapeake Energy Corporation
David M. CordaniPresident & Chief Executive OfficerCigna Corporation
Michael CorbatCEOCitigroup Inc.
Muhtar KentChairman and CEOThe Coca-Cola Company
Francisco D'SouzaCEOCognizant
Brian L. RobertsChairmanComcast Corporation
Andrea J. AyersPresident and CEOConvergys Corporation
Wendell WeeksChairman & CEOCorning Incorporated
Eric C. FastPresident and Chief Executive OfficerCrane Co.
J. Michael LawriePresident & Chief Executive OfficerCSC
Michael WardChairman, President and CEOCSX
Tom LinebargerChairman and Chief Executive OfficerCummins Inc.
Larry MerloPresident & CEOCVS Caremark
H. Lawrence Culp, Jr.President and CEODanaher Corporation
Clarence OtisChairman and Chief Executive OfficerDarden
Kent J. ThiryChairman & CEODaVita HealthCare Partners Inc
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December 11, 2012Page 6
Samuel R. AllenChairman & C.E.O.Deere & Company
Michael DellChairman and CEODell Inc.
Michael D WhiteChairman & CEODIRECTV, Inc.
James E. RogersChairman, President & CEODuke Energy Corporation
Ellen KullmanChair of the Board & CEODuPont Company
James P. RogersChairman & CEOEastman Chemical Company
Alexander M. CutlerChairman and CEOEaton Corporation PLC
John C. LechleiterChairman, President and CEOEli Lilly and Company
Joseph M. TucciChairman and CEOEMC Corporation
James S. TurleyChairman & CEOErnst & Young
David F. MelcherCEO and PresidentExelis Inc.
George PazChairman & CEOExpress Scripts Holding, Inc.
Rex W. TillersonChairman and CEOExxon Mobil Corporation
Frederick W. SmithChairman & CEOFedEx Corporation
William L. McCombChief Executive OfficerFifth & Pacific Companies, Inc.
James A. HughesChief Executive OfficerFirst Solar
David T. SeatonChairman and Chief Executive OfficerFluor Corporation
Pierre BrondeauChairman, President and CEOFMC Corporation
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December 11, 2012Page 7
Richard C. AdkersonPresident and CEOFreeport-McMoRan Copper & Gold
Maggie WilderotterChairman & CEOFrontier Communications Corporation
Gracia MartorePresident and CEOGannett
Jeffrey R. ImmeltChairman & CEOGeneral Electric Company
Ken Powell
Chairman and CEOGeneral Mills
Lloyd C. BlankfeinChairman & CEOThe Goldman Sachs Group, Inc.
James T. RyanChairman, President, and CEOW.W. Grainger, Inc.
Stephen ChipmanChief Executive OfficerGrant Thornton LLP
Dinesh C. PaliwalChairman, President & CEOHarman International Industries, Inc.
William M. BrownPresident and Chief Executive OfficerHarris Corporation
Liam E. McGee
Chairman, President & CEOThe Hartford
Brian GoldnerPresident & CEOHasbro, Inc.
Mark P. FrissoraChairman & CEOHertz Global Holdings, Inc.
Michael McCallisterChairman & CEOHumana Inc.
Virginia RomettyChairman, President and Chief
Executive OfficerIBM
Mike LamachChairman and Chief Executive OfficerIngersoll Rand
John FaraciChairman and CEOInternational Paper
Joseph L. WelchChairman, President and CEOITC Holdings Corp.
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December 11, 2012Page 8
Denise RamosChief Executive Officer and PresidentITT Corporation
Alex GorskyChief Executive OfficerJohnson & Johnson
Stephen A. RoellChairman and CEOJohnson Controls, Inc.
Jamie DimonChairman and Chief Executive OfficerJPMorgan Chase & Co
Carl CamdenPresident & CEOKelly Services, Inc.
Bruce GrewcockPresident & CEOKiewit Corporation
Paul J. DiazChief Executive OfficerKindred Healthcare
John B. VeihmeyerChairman and CEOKPMG
David H. LongPresident & CEOLiberty Mutual Insurance Group
Clarence P. Cazalot Jr.Chairman, President & CEOMarathon Oil Corporation
Roger W. CrandallChairman, President & CEOMassMutual Financial Group
Ajay BangaPresident & CEOMasterCard
Stephen M. JohnsonChairman of the Board, President
and Chief Executive OfficerMcDermott International, Inc.
Harold McGraw IIIChairman, President and Chief
Executive OfficerThe McGraw-Hill Companies
John HammergrenChairman and CEOMcKesson Corporation
Omar IshrakChairman & CEOMedtronic, Inc.
Kenneth C. FrazierChairman, President & CEOMerck
Steve LacyChairman & CEOMeredith Corporation
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December 11, 2012Page 9
Chip McClureChairman, CEO and PresidentMeritor, Inc.
Greg BrownChairman & Chief Executive OfficerMotorola Solutions, Inc.
Robert GreifeldChief Executive OfficerNASDAQ OMX
Thomas C. NelsonChairman, President & CEONational Gypsum Company
Lewis B. Campbell
Chairman and CEONavistar
James L. RoboPresident and Chief Executive OfficerNextEra Energy, Inc.
Charles W. MoormanChairman, President and CEONorfolk Southern Corp.
Wes BushChairman, CEO & PresidentNorthrop Grumman Corporation
Dan DiMiccoChairman and CEONucor Corporation
Michael H. ThamanChairman and CEOOwens Corning
Indra Nooyi
Chairman and CEOPepsiCo
Ian C. ReadChairman & CEOPfizer
Anthony F. Earley, Jr.Chairman, CEO & PresidentPG&E Corp.
Greg C. GarlandChairman and CEOPhillips 66
Steve AngelChairman and CEOPraxair Inc.
Dennis M. NallyGlobal ChairmanPricewaterhouseCoopers
International Limited
Larry Zimpleman
Chairman, President and CEOPrincipal Financial Group
Paul E. JacobsChairman and CEOQualcomm Incorporated
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December 11, 2012Page 10
Thomas J. Quinlan IIIPresident and Chief Executive OfficerR R Donnelley
Richard A. SmithChairman, CEO and President
Realogy Holdings Corp
Keith D. NosbuschChairman and CEORockwell Automation
Clayton M. JonesChairman & Chief Executive OfficerRockwell Collins
Gregory T. SwientonChairman & CEORyder System, Inc.
Christopher A. ViehbacherChief Executive OfficerSanofi
Bill McDermottCo-CEO and Executive Board MemberSAP AG
Jim GoodnightCEO
SAS
William V. HickeyChairman and CEOSealed Air Corporation
Eric A. SpiegelPresident and CEOSiemens Corporation
John F. LundgrenPresident and CEOStanley Black & Decker, Inc.
Edward B. Rust Jr.Chairman and CEOState Farm Insurance Companies
John F. FishChief Executive OfficerSuffolk Construction Company
Russ FradinPresident & CEO
SunGard
Gregg SteinhafelChairman, President and CEOTarget Corporation
Trevor FetterPresident and CEOTenet Healthcare Corporation
Gregg SherrillChairman & CEOTenneco Inc.
Scott C. DonnellyChairman & CEOTextron Inc.
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Marc N. CasperPresident and Chief Executive OfficerThermo Fisher Scientific
Glenn A. BrittChairman & CEOTime Warner Cable
Jerry I. SpeyerChairman and Co-CEOTishman Speyer
Russ GirlingPresident & CEOTransCanada Corporation
George R. OliverChief Executive OfficerTyco
Jay S. FishmanChairman and CEOThe Travelers Companies
Louis R. ChnevertChairman & CEOUnited Technologies Corporation
Alan B. MillerChairman, Chief Executive OfficerUniversal Health Services, Inc.
Scott DavisChairman and CEOUPS
Lowell C. McAdamChairman & Chief Executive OfficerVerizon Communications
Philippe DaumanPresident and CEOViacom Inc.
Charles W. Scharf Chief Executive OfficerVisa Inc
Michael DukePresident and CEOWal-Mart Stores, Inc.
John CannonInterim President & CEOWellPoint, Inc.
John J. EngelChairman, President & CEOWESCO International, Inc.
John F. BarrettChairman, President and Chief
Executive OfficerWestern & Southern Financial Group
Daniel S. FultonPresident & CEOWeyerhaeuser Company
Jeff M. FettigChairman & CEOWhirlpool Corporation
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Alan S. ArmstrongPresident & CEOThe Williams Companies
Jeffery R. GardnerPresident and CEO
Windstream Corporation
Michael J. KasbarPresident & CEOWorld Fuel Services Corporation
Stephen P. HolmesChairman & CEOWyndham Worldwide Corporation
Ursula M. BurnsChairman and Chief Executive OfficerXerox Corporation