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Elaine Chao on Corporations
Secretary of Labor (Pres. Bush Cabinet)
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Public-private partnerships for innovating on infrastructure
Chao said that her department is partnering with private industry to implement innovations like Hyperloop (which would enable airplane-speed travel for ground transportation) and high-speed rail.The key to these futuristic leaps in transportation and
infrastructure, said Chao, is to allow the private sector to invest and innovate. "The government doesn't have all the solutions, and we welcome responsible partners," she said. "Unfortunately, many of our states don't allow the private sector to invest
in infrastructure. But they can be very helpful in terms of partnerships. The reality is that we cannot fund $1.5 trillion in direct federal funding; it will increase the deficit dramatically and will squeeze out the private sector."
Chao dismissed
concerns that private partnerships could lead to a rise in cronyism. "Some people in Congress have a distrustful view of the private sector," she said. "The private sector should help to educate these lawmakers on public-private partnerships."
Source: Newsweek's Nicole Goodkind on 2018 Trump Cabinet
, Sep 24, 2018
Reform corporate tax code to reward offshore tax havens
Chao, notably, has been a key voice in promoting the Trump administration economic policies, including the historic rewrite of the tax code--a legislative accomplishment that is likely the pinnacle of McConnell's congressional career.
The reform shifted the corporate tax code to a territorial system, a move highly expected to reward firms that funnel earnings through offshore tax havens, such as the Cayman Islands or the Marshall Islands.
Source: The Intercept on 2018 Trump Cabinet
, Feb 5, 2018
Page last updated: Mar 13, 2021