Volcker Board Meeting Preview

" President's Economic Recovery Advisory Board is holding a public meeting today on jobs innovation. Joining us now first on CNBC with a preview of what to expect our spell he is the president of Oracle. And a member of the President's Economic Recovery Advisory Board and us -- thank you very much for joining us today when you start talking about job innovation clearly that is senses something is everyone's. Front of mind right now as unemployment reaches 10%. What what needs to happen in this in this country to create more jobs."

" Well we have several ideas that we've been talking about over recent months and one of the ones I like is the ideal for an infrastructure bank's. And so what that would be as a federally owned bank focused on doing things like bridges and toll roads etc. And it's been quite successful in Europe as you probably know. So it was cold he could leverage our private investment as well to co invest. And so if you look at the construction sector which has been you know badly yet this is a way to put people back to work."

" The President's Economic Recovery Advisory Board it has members like yourself like Jeff -- does General Electric like that Jim Owens from Caterpillar Bob wolf news the chairman and CEO of the UBS group Americas. But small businesses as well are huge concern on on the the jobs front right now what what type of discussion do you expect to have. Happening today. In regards to."

" Small businesses. Well one of the programs that would directly affect small businesses is a home improvement program. So is the idea is to get tax credits for -- rising home so insulation and such lawyer what your image -- deals. And so that's a series of contractors in all over the country and it's been cited the state level whenever on the national level. So that directly affect small businesses."

" Well. I think okay -- small businesses are. You know they're all sorts of different businesses I'm actually at that particular ideas. And have enough impact. -- minutes taxes and health care at these bigger issues that are really. Holding back small business in terms of hiring. I ran a small business and prospect of seeing higher taxes and we've been hired -- health premiums is. This certainly discouraging to to to -- anybody else running a small business. Questions are are any issues. Those issues being addressed at all."

" Yeah there's a separate task force on tax policy as well and look nobody wants lower taxes we understand that but obviously have to weigh that against the requirements of up. The programs that are in place but there are lots of programs can discuss. That's one of the bill."

" Right that Charles it if let's say that it did and we're just talking off camera about a 60%. Marginal rate are you comfortable with that task force. Comfortable that the debt doesn't. This -- buys them all kinds of of economic activity in the US are we just stuck with six they would just does nothing to do about."

" Well best to be determined there is not uniform agreement of that as you might imagine on tax policy and so -- to be debating and as part of the purpose of the meeting as the debate that."

" Does my car and then follow up on Joe's question. The rest of the world seems to be getting more competitive as we are getting less competitive with these kinds of things. Not only including a tax policy but our trade policy looks like we're doing things China seems to be eating our lunch we run a major global business. How how how do you see this thing -- right now doesn't look particularly good for -- on a competitive basis."

" Now is distance I know last week embarrassed to yeah again there right now it's still robust over here they have slowed down at all and so there's lots."

" Are creating jobs all over in China and and we're doing the opposite in new didn't distance as we just figured he would just say looks like we're doing things that -- That are decelerating that the possibly do the job growth. "

" But I well some of those things were aren't suggesting so they do have an infrastructure make insanity in Europe so is that that's a good idea that we could -- here are some reduced scale. But you're right and there's lots of things we should be diligent growth going yet for me. -- the big ones who could do for businesses this accelerated depreciation. So do something in the short term to have people incentives to invest in capital spending right."

" Now help it -- You know congress sin and as speaker Pelosi. That they've all got the president zero -- that that we got. You don't -- the that this guy's Charles you always got its political and it cost me. I think it's a look at it there well there we're saying if things you thought you think would be -- I felt like there's not uniform agreement the."

" I -- it doesn't want to thank you very much for your time and would love to hear back from you after of had a meeting just to see what's been decided Dominic and we appreciate your time thank you -- thank you."