It doesnt help if they cant start, because it is going to take seven 1 2 areas to get the permits, all right. So the president indicating today, besides tax cuts which the Financial Community would love to see, this idea of infrastructure and all companies behind that, theyre going to see as well, better than a trillion dollars worth, not again just for roads and bridges but cyber, utilities expansion, that sort of thing. Among the participants of todays powwows of ceos, 17th p. O. W. Woe of this president , more than barack obama had in eight years and more than george w. Bush by the way. This includes the nyse and equity and options exchanges, tom farley, very good to have you. Thanks for joining us. Great to be here. Thanks so much. Neil what was the sense you got out of the president how likely and soon this will come to pass . Let me say it was a really good morning, a productive morning. He came in the room with his busyingnal stance and thats what he did. His quest to reduce regulation and taxes. There wasnt a lot of specifics about timing. He talked about the complicated permitting for federal projects that can take 10 years. He wants to see regulation reduced smartly. He was very clear to say to protect the investing public and projects down to one year permitting process. He joked four months is the ideal number. He would settle for a year. Neil did you get a sense from the president he is going to day focused on this . A lot of his admirers wince when he veers off track, talks about russia, media, when he is on message with this, he is on fire . Yeah, i can tell you a question for me coming in. I suspect for colleagues, ceos from new york elsewhere who were here today just judging by the performance the president had i can tell you he subdued my concerns quite a bit. Like i said, on message. He came in, Vice President pence introduced the 45th president , President Trump, and he started by saying he wants to be the most businessfriendly president ever. President trump backed h right up by going through althe businessfriendly thin he wants to do and tied it to jobs and creating a more healthy economy. Improving the standard of living for everyone, including as President Trump stated 100 million out of work, technically unemployed and also those unemployed but do not fall in the 4. 6 unemployment rate. Neil from the financial perspective, markets perspective, nyse has been on fire. The you guys had a big one, snap, were seeing a lot more of that sort of thing. Do you think the president s agenda is a big reason for that . Yeah, unquestionably. That is manifest, Business Confidence has improved. Consumer confidence has improved since the election. The dow jones was all the way down near seven teen thousand on the night of the election 17,000. The futures were diving and it is up what, 15 . Neil do you worry about the markets with a draw back, still priced for perfect, if this doesnt pan out or tax cuts delayed or even denied or only Corporate Tax cut or individual rates are pushed back does that unsettle you or what . Generally im somebody who worries and gets concerned about what could go wrong and thats why im here today. That is why i made the decision to come to advocate on behalf of listed companies with the partnership with new york city was we need to see deeds follow the words. We need to see actions follow the words in order to have confidence that the economy will continue to improve. We have the highest Corporate Income tax among all developed countries. Your viewers know that. That doesnt make sense in this day and age where it is very competitive global marketplace, we need to see smarter, sensible taxes. We need to see smart, sensible regulation that still protects in my case, investors. Investors who use the New York Stock Exchange, in general the investing public and general public but we can do that without the labyrinth of regulations we put on businesses many of whom were here today in the white house. Neil we live very quickly in the hightech world. You witnessed that of course firsthand on the days we had thousands of guys on the floor of New York Stock Exchange. I think 600 today. You see the number shrinking down even more . The time ive been on the New York Stock Exchange it has been static, maybe creeped up a few, and the reason is we have tremendously Sophisticated Technology as you imagine. You dont hear me or us talk about a very often but we process 10 of billions of transactions. But the humans are what make us unique, opening and closing trade of New York Stock Exchange, which represent 6 1 2 of total volume for Companies Listed on the New York Stock Exchange, those are overseen by humans, allower volatility and tighter offer spread. It is blend of good oldfashioned humans and Technology Makes us what we are. Make us get all the leading ipos that you referred to. Neil tom farley, good charting with you, nyse president , tom farley outside of the white house, part of an elite group of ceos getting a chance to talk to the president. Thank you very much, see you, neil. Neil as tom was pointing out here, does the president need to focus on this sort of stuff, jobs, jobs be jobs . Not all the ancillary issues not that theyre important and russia who knew what was talking to when, real media, fike news, inbetween news. Charlie what do you think . The here was a guy, ceo in the Brokerage Community saying you keep your eye on these jobs everything will be just fine. What do you think . Listen, tom farley has to be there because he represents the New York Stock Exchange. That is where all listed companies who want a Corporate Tax cut and thats the message i believe they gave him today, trump, in the nicest possible way. Listen, all you have todo listen to you over the last three months to say, to know the very, the reality is this. If donald trump goes you through with his economic plans, which is getting rid of regulations, getting rid of some taxes, getting down Corporate Tax rate, maybe fixings obamacare, this economy is poised to take off. That is what the markets say, if he gets mired in what he is mired in, i question his managerialabilities, susan rice, twitter fights, attacking fake news, that will prevent them from getting stuff he needs to get done done. That is what the markets tell you. The trump rally has not been much of a rally last couple weeks because of that. Neil maybe that could change. Obviously all the folks tell him the same thing, keep on message. Dont worry about the distractions, when youre focused on this, this is your knitting, this is the greatest comfort to talk about fellow business titans and like, talk about how you get more jobs, you get to that message, you cant help but succeed. What do you think . I like hearing him talk like this. This is obviously his language. This is are with he thrives. This is what he he is used to. He has been doing this for decades. He sounds incredibly informed on these issues. I think he still playing within the framework of Mainstream Media. He has to realize. Every time he tweets, it gives left and media ammunition to poison the public. The more he gets poisoned against him the approval getting down which is pretty low, more difficult to get moderate republicans or tuesday republicans or democrats to compromise on infrastructure plans, he really needs. Poll numbers shows left base does not want them to compromise with trump at all. Neil this whole gorsuch thing proves that. Ed martin, how many republicans can he corral together . Do you think revisiting health care as he is doing right now is wise idea . Could he run across the same roadblocks . Do they have to address rework of health care to get to the tax thing . I could see as another nightmare for him . With all due respect to the three of you, you i would poppings trump as different kind of a ceo. He is more of an entrepreneur. He thrives on meeting with the chinese leadership in three days and gorsuch on friday and health care. Rand paul was out with him golfing. Obama liked to play golf with his pals. Trump likes to play golf with people he wants to get things done with. Rand paul comes out and supports the president not once and twice. Neil but to charlies point he gets distracted on these things. Might be legitimate distractions that tick him off. Do they get in the way of progress, that is all im saying . Look he has to be a big leader. He is demanding china take care of north korea. I think he will demand that of his role. He cant play only one part. He will play all of them. I think he is succeeding. Neil, you hit the nail on the head here, i covered donald trump as manager. He wasnt a very good manager. He is a great salesman, a great branding person. He wasnt a great manager. He is now in a role where he has to be a manager. My one question is this, this is what markets and a lot of people are saying, is donald trump temper mentally suitable to be normal for a long period of time where he can manage through this stuff and stay away from the craziness. I dont know. Neil we know he is in his knitting in miss comfort zone when meeting with these kind of guys. 17th such powwow, emily. He is comfort with the group. Where do you see this going. I mean neil emily first. Okay. I was going to say, more you have those clips you showed on the news, more the American People he see the president in that environment, where he is fantastic that is huge for him. So the more he gets media to focus on that the better. He is master manipulator of media. If he figures out a way to do that, awesome. He will have a lot of support. This is my one caveat. He did it during the state of the union. Markets went up 300 points. Guess what he did after that . He went crazy town on twitter, markets went down. That is the conundrum. Neil leaving crazy town moments aside. That is in the eye of the beholder, do you think the president now, meeting with these ceos to the degree he has, is going to get the bang for the buck and all the meetings here . That theyre committing jobs . The Vice President made a point half a million created under his watch, two months of jobs reports weve had. This will, will pay dividends . These type of meetings will pay dividend for him . Well, look what i think is the president as a master persuader. What he has done, psychology of the economy is Getting Better and better. So these ceos will go back and farley will go back on top of how the president was. Out here in america, out here in the real america,wer want to see a guy tang ooblems that were seeing on the hill we want to see him taking on powers that be in the Intelligence Community. Guys, he is, you said, youre right, i disagree. He is not a ceo, youre a salesman. The president is never ceo. He has to have better team, bannon, priebus everybody doing their job, he has to sell america Getting Better and he is doing it. The poll numbers failed at his first sales job. He failed miserably. Thats okay. Everybody that sells know you fail thats a big one. Approval rating. Sell nine times to get the 10th sale. Dont say he is failing at sales. When it comes to failure, dollars to doughnuts, get health care passed because a lot of people believe the tax cuts are premised on it he failed. He neil not all on him. Some of it is. Of course not. Dont you think every salesman, every great salesman would tell you that they fail seven, eight, nine times out of 10 and they keep making better and more progress. Trump went back to the drawing board, well do better. That sounds like maturity leader to me. I went to school in missouri, the showme state. Show me. Show me. I think he is showing you. He is a president of the United States. Neil that is profound right there. Every great management takes ownership when they fail. Neil still early, guys. Not even 100 days into this thing. Meantime, we do know that president is revisiting health care. Some people are critical of that already, saying if look at first you didnt succeed why risk failing yet again . The republican leader, Kathy Mcmorris rogers why theyre going about this and why she is very hopeful this time they will geit right, right after this. My friends think doing this at my age is scary. I say not if you protect yourself. What is scary . Pneumococcal pneumonia. 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For me and many of my colleagues, the president , that is the principle which we need to make sure protected is move forward, those with preexisting conditions, have confidence they will get access to Health Insurance plans as we move forward. There is encouraging conversations. Were continuing to move in the right direction. Neil now you mentioned preexisting conditions, congresswoman, there are some in the conservative Freedom Caucus among others who were not keen on that. That should not be an outright guarranty. Want it watered down a little bit. I take it from your remarks that you disagree strongly with that . I do. Im encouraging some members that were no are rethinking their positions. Those are the conversations neil rethinking their position on preexisting conditions, congresswoman . And how to write this legislation in a way that will insure those with preexisting conditions are protected, but also can satisfy the, the key goals of bringing down premiums and returng the policy and Decision Making to the state level. Vice president mike pence is having, really leading a lot of these discussions right now. Neil you know the process of the house, and by extension of the senate far better than i, were do you bother revisiting the health care thing, given all the wounds getting it out the first go round . Is it integral to addressing tax cut thing . Because the consensus seemed to be, republicans are in broader agreement on tax cuts than they are on this thing . It is very important that we get it right but we remain united with the goal, this is actually part of our mission, to repeal and replace obamacare. We know that the current path is not acceptable. Even democrats will say that there needs to be some changes. Neil why put it before tax cuts . Well, the vehicle that we have put forward means that we got to do it before we start moving on the budget. The reconciliation process we think, i think, most effective way to get a bill through the senate and on to the president s desk. My goal is results. It is not about having a show vote. This is about getting results, process in which we will be able to get a bill on president s desk. Neil so this means that you got to settle this health care thing one way or the other before you can mover on to taxes, right . You know, im not going to put a timeline on it. Were working through it. It remains a priority. Tax reform is also a priority. As you think about what is going to take to get our economy growing, get people back to work, get innovation going in this country, tax reform is at the top of the list and republicans are very excited to get g. Both of these are going to be, remain at the top of the list as we continue through the next few weeks and months. Neil a few weeks and months to deal with the health care thing . You know, were just going to keep it going until we get to the place where we have the votes we need. Neil are you of the mindset, congresswoman, that you want to deliver on the Corporate Tax cuts and Corporate Tax reform, and maybe individual rates could come next year . I am of the mindset to get, i would like to move both individual and Corporate Tax reform at the same time. We have the highest Corporate Tax rates in the world. We need to bring those down. Individuals sufficient irunder very complicated, costly tax co