Infrastructure Bank Could Help Jobs: Oracle's Phillips
The President's Economic Advisory Board will hold a public meeting on job innovation today, and Charles Phillips, president of Oracle and a member of the board shared a preview with CNBC's "Squawk Box" team on Monday.
(See the accompanying video for the complete interview.)
Chief executives like Caterpillar's Jim Owens and General Electric's Jeff Immelt also sit on the board. One idea that the group has considered is an "infrastructure bank," said Phillips.
"That would be a federally owned bank focused on building things like bridges, toll roads, etc.," said Phillips. "You could leverage private investment as well to co-invest and so if you look at the construction sector, which has been badly hit, this is way to put people back to work."
China and Europe have already implemented infrastructure banks, he said, which have proven successful.
Meanwhile, the economic advisory board also aims to help small businesses. A home improvement program, for instance, would give tax credits for weatherizing homes and ultimately to lower energy bills.
"That's a series of contractors all over the country," he said. "And it’s been tried on the state level but never on the national level."