Obama To Meet With 20 CEOs To Gather Ideas On Improving Economy

President Barack Obama on Wednesday will meet with corporate chieftains from among the world's largest companies to gather ideas about how to best quicken the country's tepid recovery.

Among the 20 chief executives Obama will meet with include Kenneth Chenault of American Express Co. (AXP), Eric Schmidt of Google Inc. (GOOG), Jeffrey Immelt of General Electric Co. (GE)and John Lechleiter of Eli Lilly & Co. (LLY), according to a White House official. [See full list below.]

The two sides will have a lot to discuss: the economy, the deficit, corporate tax rates and international trade.

The meeting, which will rank among the most CEOs Obama has met with as president, is part of an effort by the administration to strengthen what has been at times shaky relations with the business community. It is also recognition that the government can't lift the economy on its own. "We are not going to see a sustained economic recovery until we see that it is sparked and led by the private sector," White House Press Secretary Robert Gibbs said in a briefing with reporters Tuesday.

In a speech a few weeks ago, Obama called on the private sector to help create the next Sputnik moment to release a wave of innovation. Sputnik refers to the name of a satellite Russia launched in 1957 that provoked a scientific and educational revolution in the U.S.

In asking for the private sector's help, Obama is reaching out to partners who at times have been wary of his calls. A few recent events, however, may give Obama some momentum going into the meeting.

A few weeks ago his administration sealed a landmark free-trade agreement with South Korea that promises to boost the domestic auto industry and support tens of thousands of American jobs. And a tax dispute the president recently settled with Republican leaders also includes a proposal that will allow businesses to expense 100% of their investments for about a year.

Gibbs billed the meeting as a chance for the two sides to exchange ideas about how to shape and lift the economy. The private sector is sitting on some $2 trillion of cash that many economists say would be key to lifting the economy if businesses were to start spending. Gibbs wouldn't say whether Obama would pressure businesses to unleash waves of cash into the economy.

Obama has made boosting trade a centerpiece of boosting the economy. He has pledged to double exports in the next five years and administration officials have said the country is on track to do so.

 
   FULL LIST OF CEOS EXPECTED TO MEET WITH OBAMA: 
 
Greg Brown, Co-CEO, Motorola Inc. (MOT) 
John Chambers, Chairman & CEO, Cisco Systems Inc. (CSCO) 
Kenneth Chenault, CEO, American Express (AXP) 
Dave Cote, Chairman, President & CEO, Honeywell International Inc. (HON) 
Scott Davis, Chairman & CEO, United Parcel Service Inc. (UPS) 
John Doerr, Partner, Kleiner Perkins Caufield & Byers 
Mark Gallogly, Managing Partner & Co-Founder, Centerbridge Partners 
Lew Hay, Chairman & CEO, NextEra Energy 
Jeffrey Immelt, Chairman & CEO, General Electric Co. (GE) 
Ellen Kullman, CEO, DuPont 
John Lechleiter, President and CEO, Eli Lilly & Co. (LLY) 
Andrew Liveris, President, CEO and Chairman, Dow Chemical Co. (DOW) 
James McNerney, Chairman, President & CEO, Boeing Co. (BA) 
Indra Nooyi, Chairman & CEO, PepsiCo Inc. (PEP) 
Paul Otellini, CEO, Intel Corp. (INTC) 
Penny Pritzker, Chairman & CEO, Pritzker Realty Group 
Brian Roberts, Chairman & CEO, Comcast Corp. (CMCSA) 
Jim Rogers, Chairman, President & CEO, Duke Energy Corp. (DUK) 
Eric Schmidt,  Chairman & CEO, Google Inc. (GOOG) 
Robert  Wolf, President & COO, UBS AG (UBS) 
 

-By Jared A. Favole, Dow Jones Newswires; 202.862.9256; [e-mail]