Webster Bank President and Chief Executive Officer James Smith recently urged southern Connecticut businessmen to lobby their state and federal representatives to change the state's business climate.
Smith spoke at an event at the Trumbull Marriott hotel involving the Bridgeport Regional Business Council, the Trumbull Chamber of Commerce and the Shelton-based Greater Valley Chamber of Commerce.
"I share the vision that you can create jobs and improve the economic environment," Smith said.
"We think the government's role should be limited" to defending the peoples' rights while sustaining the "truly needy."
Smith said the bank weathered the recession of 2008 in part by helping its hurting customers and "investing in the people and communities we serve."
"Our mission has evolved into helping businesses and non-profits and municipalities achieve financial goals," Smith added.
"We're only as good as the confidence our clients have in us," the CEO said.
According to Smith, Connecticut's economy is recovering, but slowly. Small businesses can speed up that recovery, he said.
The good news is that many Connecticut businesses export goods and the number of exports is increasing. Connecticut also has a high quality of life, he said.
But he feared that the wealthy will flee the state if taxes keep increasing. The state has 300 taxes and should strike 200 of them immediately, the CEO said.
The state's current spending practices are also going to put the next generation of Connecticut residents into debt, according to Smith.
"Kids will pay ... most of all," he said.
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