(Bloomberg) -- BlackRock Inc. Chief Executive Officer Larry Fink said he told President Donald Trump the U.S. needs to spend on infrastructure to generate jobs, as the country navigates the next steps to rescue a coronavirus-addled economy.
“I’ve told the U.S. president, and I’ve told this to many other politicians now, that an infrastructure build is really important,” Fink said Thursday in a live-streamed interview with Sergio Rial, CEO of Banco Santander SA’s Brazil unit.
The U.S. government has rolled out unprecedented spending to shore up the economy, but business leaders and politicians are already focusing on what new revival efforts should look like. Trump tweeted in March that a $2 trillion infrastructure bill would be a good way to create jobs.
Fink also said in the interview that BlackRock, the world’s largest asset manager, has been talking with central banks in the midst of the dual public health and financial crisis.
“We’ve been engaged with many different central banks,” he said.
Two of those relationships are public. BlackRock is managing three debt buying programs on behalf of the Federal Reserve: purchases of agency commercial mortgage-backed securities, newly issued corporate bonds, and existing corporate debt and debt-based exchange-traded funds. The Fed took its first steps buying corporate debt ETFs on Tuesday.
BlackRock is also purchasing commercial paper, a type of short-term debt, on behalf of the Bank of Canada.
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