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CNBC Digital Video: Chicago Mayor Rahm Emanuel Sits Down with CNBC’s Chief Washington Correspondent John Harwood

WHEN: Thursday, February 16th

WHERE: CNBC.com's Speakeasy with John Harwood

At age 57, Rahm Emanuel boasts a remarkably broad set of experiences for evaluating the young administration of President Donald Trump. He served in Bill Clinton's White House and ran Barack Obama's as chief of staff. As a member of Congress, he helped Democrats win back control of the House in 2006. As mayor of America's third-largest city, Emanuel huddled in December with the president-elect at Trump Tower in New York. Yet he's also been the target of Trump's barbs over surging gun violence and the "sanctuary" Chicago provides illegal immigrants. Emanuel sat down to discuss the new president over a beer in a tavern near Wrigley Field. A partial transcript from Speakeasy with John Harwood featuring Chicago Mayor Rahm Emanuel follows. All references must be sourced to CNBC.com:

JOHN HARWOOD: You met with Donald Trump. What was he like?

RAHM EMANUEL: I think the jury is out whether this is the early stage — this is kind of a learning process that goes on in any White House when you first arrive. Or this is, because of the style and the improv, this is just going to be constant like this. And the jury is out about which one it is. I used to say to President Clinton if we knew in the first year of the first term what we knew by the first year of the second term we'd be geniuses. There's nothing like having been there.

HARWOOD: What is the attitude that you think Democrats and urban America should take to Donald Trump? Is it one of massive resistance or is it looking for places to cooperate?

EMANUEL: We should express ourselves. My general attitude is, cooperate where you can, but confront where you must.

HARWOOD: You said Democrats need to take a chill pill. What did you mean by that?

EMANUEL: This is a marathon, it's not a sprint. This is not going to just turn around in 2018. Don't just bet that he's going to collapse. We have to have ideas, real answers to challenges that people are facing because we have to have the political capacity and staying power and stamina.

HARWOOD: Did Obama and people like you dig the hole the Democrats are in?

EMANUEL: There's other forces besides the Obama presidency. The technology, global economy, stagnant incomes that played a big role. But you've also got to look at, what were the political implications and policies, and were there political upsides or downsides to that?

HARWOOD: Let me ask you what you think is going to happen to three signature legacies of the president. Obamacare, which Republicans are struggling with repealing, replacing now. Dodd-Frank. And you already talked about the Dreamers. Are they going to stay?

EMANUEL: I don't think the president will touch Dreamers. Dodd-Frank, I think they are going try to fundamentally undermine it. I think not just in the consumer office, but the Volcker Rule, how much cash banks have to have, the kind of checkup to make sure that they're healthy. Of the three you're talking about I think that's the one that's most vulnerable. They're finding out that – this is a bad metaphor so I apologize – that President Obama's health-care plan is a puzzle that if you take something out, it's not that piece. Each of these changes begin to expose fault lines within the Republican Party. This is just not that easy. They are going to look at the political – the politics and time and cost around regulations, and they're going to realize, there's only so much you can do.

HARWOOD: Do you see them having to choose between a Goldman agenda and a "Joe six-pack" agenda? How is that going to work?

EMANUEL: Every president always has tensions in the electoral coalition they put together. If you thought of his coalition, there would be more unity around an infrastructure set of ideas — both from businesses who think it's good for the economy, and more of the blue-collar support you've got because it's going to put blue-collar people to work building these roads, building these schools, building these mass transit systems, the airports, etc. We don't know the contours of their tax deal. My assumption is it's going to skew top. It's going to be, not only skew top, in the sense of on the personal side. There are reforms to be done on the corporate side that I think are right to be done. But there are things to be done on the earned income tax credit, if they wanted to do something that was more unified. I could argue for fundamental reforms on the corporate side, with fundamental reforms on working family side. That you could put a really broad-based coalition. It would have a significant impact on the economy without hobbling us with massive amount of debt. I think the way he is talking about things and the uncertainty – the biggest threat he has right now, potentially, is uncertainty.

ADDITIONAL CLIPS:

Emanuel on business silence over trade: I want to know how sincere you are

http://video.cnbc.com/gallery/?video=3000593605

Emanuel on Trump and immigration: You're investing in Sanctuary Cities

http://video.cnbc.com/gallery/?video=3000593604

Emanuel on WH chief of staff's troubles: When people would criticize, I'd say 'why don't you sit here 24 hours?'

http://video.cnbc.com/gallery/?video=3000593607

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