Inside Biden and Yellen’s Meeting with Major CEOs – and What’s Next for That $75,000 Stimulus Cap

Mandatory Credit: Photo by Pete Marovich/POOL/EPA-EFE/Shutterstock (11752842p)US President Joe Biden speaks as Vice President Kamala Harris (not pictured) and Secretary of the Treasury, Janet Yellen (not pictured) meet with business leaders about the critical need for the American Rescue Plan in the Oval Office at the White House in Washington, DC, USA on 09 February 2021.
Pete Marovich/POOL/EPA-EFE/Shutterstock / Pete Marovich/POOL/EPA-EFE/Shutterstock

President Joe Biden, Vice President Kamala Harris and Treasury Secretary Janet Yellen met yesterday with several CEOs to discuss the state of the economy and Biden’s American Rescue Plan.

See: Exclusive COVID Report — 40% of Americans Have Less than $300 in Savings
Find: Biden Puts the Stimulus on the Fast Track

The meeting included JPMorgan CEO Jamie Dimon; Lowe’s CEO Marvin Ellison; Walmart CEO Doug McMillon; Gap CEO Sonya Syngal; and U.S. Chamber of Commerce CEO Tom Donohue.

“I’ve invited in some of the leading business people in America to come in and talk about the state of the economy, our recovery package,” Biden said in remarks before the meeting. “The American people are hurting. There’s a lot of people who are in real, real trouble. A lot of people going to bed at night, staring at the ceiling wondering whether they’re going to be in that apartment the next day, or if they’re going to be evicted, or if they’re going to keep their mortgage payment up, if they’re going to have any health insurance. We got millions of people unemployed,” Biden said.

See: Congress in Talks to Lower Eligibility for Stimulus Checks, Enraging Many Americans
Find: $1,400 Stimulus Checks Are Still Coming – But Who’s Eligible to Get One?

JPMorgan’s Dimon said in a statement after the meeting that the group had a “constructive and detailed conversation” that covered topics including “the urgent struggles of so many Americans, a path to sustainable and equitable economic recovery, and the future of American competitiveness,” according to MarketWatch.

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“Walmart is, of course, one of the biggest employers in the country and states across the country. Obviously, Jamie Dimon is somebody who has been in the business sector for many, many years,” Press Secretary Jen Psaki said at her daily briefing yesterday. “It’s more of a discussion about the country and the economic downturn that we’ve gone through. The President wants to lay out all of the specifics of his plan, hear feedback from them, as he has with many different groups over the past couple of weeks.”

See: Poll Shows Most Americans Support $1,400 Stimulus Payments as Relief Package Nears Approval
Find: What Does the Harris Vice Presidency Mean for Your Bank Account?

Asked about the threshold for the eligibility of the $1,400 checks, an issue at the center of the stimulus debate, Biden said in his remarks that he agreed about the “$75,000 cap.”

This statement was echoed by Psaki, who said “he’s open to targeting.”

“There’s been a discussion about the thresholds and what those should look like, and he doesn’t feel that families making over $250,000 a year should be the target of this relief,” she said.

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About the Author

Yaël Bizouati-Kennedy is a full-time financial journalist and has written for several publications, including Dow Jones, The Financial Times Group, Bloomberg and Business Insider. She also worked as a vice president/senior content writer for major NYC-based financial companies, including New York Life and MSCI. Yaël is now freelancing and most recently, she co-authored  the book “Blockchain for Medical Research: Accelerating Trust in Healthcare,” with Dr. Sean Manion. (CRC Press, April 2020) She holds two master’s degrees, including one in Journalism from New York University and one in Russian Studies from Université Toulouse-Jean Jaurès, France.
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