General Motors Co (NYSE:GM) CEO Mary Barry and Ford Motor Co (NYSE:F) CEO Jim Farley are among key automotive and tech executives who will meet President Joe Biden at a White House meeting on Wednesday to discuss his signature $1.75 trillion Build Back Better (BBB) legislation, Reuters reported.
What Happened: Biden is expected to meet CEOs to discuss the ways the BBB legislation would help the U.S. economy in terms of competitiveness, worker productivity, lower inflation over the long-term, and improvements in business growth.
Key executives from Microsoft Corp (NASDAQ:MSFT), Salesforce.com Inc (NYSE:CRM), Etsy Inc (NASDAQ:ETSY) are among those who will take part.
Biden had in December made a push to win passage in Congress for a bill that would set aside billions of dollars to tackle climate change and boost electric vehicles among other key spending.
Why It Matters: The proposal is expected to raise the electric vehicle subsidy to $12,500 from $7,500 for union-made U.S. vehicles. It will also create a credit of up to $4,000 for used vehicles.
The bill is expected to make GM as well as Tesla Inc (NASDAQ:TSLA) eligible for tax credits after the companies hit the 200,000-vehicle cap on the existing $7,500 credit.
Biden aims to dramatically increase the electric vehicle adoption in the U.S. and has vowed to make 50% of all vehicle "zero-emissions" by 2030 in the country.
Photo: Courtesy of Gage Skidmore via Wikimedia
