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The city's top business executives bent the ears of President Donald Trump and his advisers Tuesday, pushing policies they say are key to the city and country's economic growth. More than 50 members of the Partnership for New York City, the town's leading...

Trump tells Wall Street execs he will 'absolutely destroy' regulations they hate

The city's top business executives bent the ears of President Donald Trump and his advisers Tuesday, pushing policies they say are key to the city and country's economic growth. More than 50 members of the Partnership for New York City, the town's leading...

Trump tells Wall Street execs he will 'absolutely destroy' regulations they hate

The city's top business executives bent the ears of President Donald Trump and his advisers Tuesday, pushing policies they say are key to the city and country's economic growth.

More than 50 members of the Partnership for New York City, the town's leading business group, had four morning meetings at the White House and were to spend the afternoon with the city's congressional delegation. The theme of their meeting with the president was the business climate.

Trump told chief executives from financial institutions including Citigroup, Deloitte and HSBC that they would see a rollback of industry regulations cumbersome to Wall Street.

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"We are absolutely destroying these horrible regulations that have been placed on your heads over not eight years, over the last 20 and 25 years," Trump said, promising "things that are going to be very good for the banking industry" and "a very major haircut on Dodd-Frank."

The president took only two questions from the audience. "We're worried that we're going to have a problem with Congress," real estate developer Jerry Speyer told Trump. "We’re worried about various programs that help the city."

Trump did not address the issue of federal cuts to programs. He responded with his thoughts on the issue of the deductibility of state and local taxes from personal income taxes. "One of the problems that you have is debt and deductibility," he said of New York, later adding: "But I am watching over everybody, Jerry. You’re in good hands, okay?"

Cathy Engelbert, CEO of Deloitte, then asked the president about education, noting that only 37% of city high school students are considered job or college-ready after graduation. Trump turned the question back on her, asking why high school students "can’t read after," in response to which she noted that the city had made steady progress improving its graduation rate. "See how quickly she’s changing? See that?" he said, then suggesting charter schools and an end to Common Core. 

The business leaders also discussed infrastructure with White House National Economic Council Director Gary Cohn and Department of Transportation Secretary Elaine Chao, workforce development with Trump's daughter Ivanka, Deputy National Security Adviser Dina Powell and Commerce Secretary Wilbur Ross, and government services with Trump adviser Christoper Lidell. 

Among its requests, the group wants to see federal funding of city infrastructure, preservation of the federal income-tax deduction for state and local taxes, investments in cybersecurity, government-backed workforce development programs and a path to citizenship for undocumented immigrants.

The Partnership's message: What's good for New York is good for the country.

“New York City is the largest single city contributor to our national economy and the federal treasury," President and CEO Kathryn Wylde said in a statement. "We are here to advise our leaders in Washington, D.C., on the issues that are critical to the vitality of America's cities including modern transit, an education system that prepares students for success in the innovation economy, public safety, and a competitive tax and regulatory environment.”

The CEOs have a more sympathetic audience in Trump than would the city's political leaders, who are left-leaning critics of the president. Some of the executives, including developer Steven Roth, hedge fund titan John Paulson and Stephen Schwarzman of Blackstone, have served as his advisers. 

Former Mayor Michael Bloomberg worked with the Partnership to develop a wallet card containing the city’s wish list that business leaders could pull out during meetings with federal officials, according to the Partnership's statement of its federal priorities for this year. 

"As the new administration and Congress begin to tackle the challenges facing the country, the Partnership will provide members with updated information on local issues in order to ensure that the city continues to receive the federal support necessary to maintain essential services," the priorities statement says.

Doug Muzzio, a Baruch College professor of political science, said the unified front of the city's business community might soften Trump's hard-line stances on issues such as immigration.

"They're going to talk to him about all the issues in terms of nuts-and-bolts dollars," he said. "And hopefully the businessman understands it."

Whether their message sticks is another question, the professor said.

“I would think that a rational human being, when confronted with this panoply of business superstars and stars—that it should have some impact on Trump,” Muzzio said. “Now when they leave the room, who's the next person to talk to him?"

2017 Federal Priorities Partnership for New York City by Crain's New York on Scribd

The city's top business executives bent the ears of President Donald Trump and his advisers Tuesday, pushing policies they say are key to the city and country's economic growth.

More than 50 members of the Partnership for New York City, the town's leading business group, had four morning meetings at the White House and were to spend the afternoon with the city's congressional delegation. The theme of their meeting with the president was the business climate.

Trump told chief executives from financial institutions including Citigroup, Deloitte and HSBC that they would see a rollback of industry regulations cumbersome to Wall Street.

"We are absolutely destroying these horrible regulations that have been placed on your heads over not eight years, over the last 20 and 25 years," Trump said, promising "things that are going to be very good for the banking industry" and "a very major haircut on Dodd-Frank."

The president took only two questions from the audience. "We're worried that we're going to have a problem with Congress," real estate developer Jerry Speyer told Trump. "We’re worried about various programs that help the city."

Trump did not address the issue of federal cuts to programs. He responded with his thoughts on the issue of the deductibility of state and local taxes from personal income taxes. "One of the problems that you have is debt and deductibility," he said of New York, later adding: "But I am watching over everybody, Jerry. You’re in good hands, okay?"

Cathy Engelbert, CEO of Deloitte, then asked the president about education, noting that only 37% of city high school students are considered job or college-ready after graduation. Trump turned the question back on her, asking why high school students "can’t read after," in response to which she noted that the city had made steady progress improving its graduation rate. "See how quickly she’s changing? See that?" he said, then suggesting charter schools and an end to Common Core. 

The business leaders also discussed infrastructure with White House National Economic Council Director Gary Cohn and Department of Transportation Secretary Elaine Chao, workforce development with Trump's daughter Ivanka, Deputy National Security Adviser Dina Powell and Commerce Secretary Wilbur Ross, and government services with Trump adviser Christoper Lidell. 

Among its requests, the group wants to see federal funding of city infrastructure, preservation of the federal income-tax deduction for state and local taxes, investments in cybersecurity, government-backed workforce development programs and a path to citizenship for undocumented immigrants.

The Partnership's message: What's good for New York is good for the country.

“New York City is the largest single city contributor to our national economy and the federal treasury," President and CEO Kathryn Wylde said in a statement. "We are here to advise our leaders in Washington, D.C., on the issues that are critical to the vitality of America's cities including modern transit, an education system that prepares students for success in the innovation economy, public safety, and a competitive tax and regulatory environment.”

The CEOs have a more sympathetic audience in Trump than would the city's political leaders, who are left-leaning critics of the president. Some of the executives, including developer Steven Roth, hedge fund titan John Paulson and Stephen Schwarzman of Blackstone, have served as his advisers. 

Former Mayor Michael Bloomberg worked with the Partnership to develop a wallet card containing the city’s wish list that business leaders could pull out during meetings with federal officials, according to the Partnership's statement of its federal priorities for this year. 

"As the new administration and Congress begin to tackle the challenges facing the country, the Partnership will provide members with updated information on local issues in order to ensure that the city continues to receive the federal support necessary to maintain essential services," the priorities statement says.

Doug Muzzio, a Baruch College professor of political science, said the unified front of the city's business community might soften Trump's hard-line stances on issues such as immigration.

"They're going to talk to him about all the issues in terms of nuts-and-bolts dollars," he said. "And hopefully the businessman understands it."

Whether their message sticks is another question, the professor said.

“I would think that a rational human being, when confronted with this panoply of business superstars and stars—that it should have some impact on Trump,” Muzzio said. “Now when they leave the room, who's the next person to talk to him?"

2017 Federal Priorities Partnership for New York City by Crain's New York on Scribd

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