CNBC host Rick Santelli slammed GE CEO Jefrrey Immelt’s new found concern over how the explosion of “major regulations” will negatively impact economic growth Monday on “Squawk on the Street.”
Jeffrey Immelt, Chair of the President’s Council of Jobs and Competitiveness (formerly the President’s Economic Recovery Advisory Board), wrote in a letter to GE shareholders that increases in “major regulations” and tax reform uncertainty will hinder “capital investment” in the United States.
Santelli noted the irony of the letter given Immelt’s relative silence during the crafting of Obamacare and Dodd-Frank, the two foremost pieces of legislation responsible for the “major regulations” Immelt now feels are a threat to the American economy:
RICK SANTELLI: The other thing that gelled today is Jeff Immelt, our fearless leader of a bygone day. That’s just changed recently. On the big letter that he wrote to shareholders I would like to pull out one sentence, let’s put it on the screen: “…until we solve for these constraints, it is hard to see that the U.S. will return to its full growth potential.” Obviously they’re both talking roughly about the same thing. Here’s my problem. Where was everybody two or three or four years ago? Dodd-Frank passed in 2010. Mr. Immelt running one of the greatest companies on the planet in form of GE. Well, he was the Chair of the Jobs and Competitiveness group that the president had.