February 07, 2017
Washington better catch up to this business-minded president, ex-Chrysler chief says
Donald Trump's rapid overhaul of rules and regulations is not an unusual pace for business, so the nation's capital better get used to his modus operandi, ex-Chrysler chief Bob Nardelli said Tuesday.
"Washington better catch up to this business-oriented, business-minded president," Nardelli told "Squawk Alley." "We have a lot of gnashing of teeth right now about the rate with which the president is moving. That's not fast in the business world."
Nardelli, who also is a former CEO of Home Depot, touted the speed at which Trump has set the stage for delivering on key campaign promises, but acknowledged that two major promises — corporate tax reform and repatriation — have not yet been addressed.
"There's still a lot of initiatives out there that I think are going to be very business-oriented and very supportive of growing business and creating jobs and a stronger GDP," Nardelli said.
"When he finally gets a full Cabinet in place, hopefully we see the activation of those executive orders come to fruition," he continued.
But care and attention are required when passing some of the more complex legislation like repatriation of overseas corporate cash, Nardelli insisted.
"It's easier ... to bring some of the componentry back to the U.S. It is a major undertaking to re-establish a factory," Nardelli said, adding that permit processes for organizations like the Environmental Protection Agency are long and arduous for big manufacturers.
The former Chrysler CEO also noted that global demand is a key factor in how companies decide where to build their operations.
"In the case of General Motors, they produce more cars in China than in the U.S. because that's where the market is," Nardelli said. "So I think we have to be reasonable in our policies, and we have to be thoughtful about the execution of those ... as we move forward."
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