British Business Group Leader Speaks on G20

The head of a British business organization’s Washington DC office spoke to Pittsburgh business leaders Thursday morning about the upcoming G20 Pittsburgh summit and she says nearly everything the leaders are expected to discuss should be met with a “yes… but” attitude. Rhian Chilcott is the head of the DC office of the Confederation of British Industry. She says the leaders will take on various issues of great importance while in Pittsburgh but they must make sure they approach each issue in the proper way. She says there has been much discussion of requiring financial institutions to have greater levels of capitalization. She says that is a great idea, but not right now. She says forcing banks to hold on to more capital while the economy is still hungry for it does not make good economic sense.
Chilcott says limiting pay for bankers is also hot topic sure to be addressed but there needs to be a yard stick other than just lower compensation. The same holds true for forcing business to set up so called living wills to help unravel investments if the firm goes under. She says simply forcing businesses to be more “simple” is not the answer.
Chilcott says climate change regulations will also be front and center during the summit. She says a paper outlining ways to help India and China finance the technology upgrades needed to shrink their carbon footprint while continuing to grow will be a major focus of the summit. She stress that whatever comes out of the summit she hopes it will have teeth. Chilcott says in the past there have been grand declarations from the finance ministers but the message seems to get lost on the way back to their home countries.
In here position at the Conference, Chilcott has been keeping a close eye on the workings of the G20 and other global financial organizations and their high profile meetings. She says discerning what long-term impact the summit will have on the city is hard to determine right now. Chilcott says she thinks Pittsburgh was chosen more because it is easy to secure than for its story of economic recovery, technological advancement and green leanings. She says the non-summit story that comes out of the event is largely out of the control of local organizers. Chilcott says if there are problems with security of the dignitaries or if there is a major problem with protester safety that will take over all the coverage. She points to news coverage following the G20 meeting in London where nearly all of it centered on the death of one protester and what roll police may have played in the death. She says she hopes the local organizers can break through the clutter because there is a great and surprising story to tell. She says, “My experience of people who come to Pittsburgh who have never been here before is that they are astonished. The city has such a bad reputation globally. It’s the declining mill town. It’s horrible. So I think just the fact that you have a lot of people, journalists in particular, physically coming here who will see the city in all its glory is a huge benefit.” Chilcott says another long-term benefit could come if a key agreement is reached during the summit that will forever be called “The Pittsburgh accord.”

To listen to Chilcott’s entire presentation click here.