WASHINGTON (CNNMoney.com) -- One day after a "shellacking" in the congressional election, President Obama acknowledged Wednesday that he needs to improve his relations with business.
"As I reflect on what's happened over the last two years, it's one of the things that I think has not been managed by me as well as it needed to be," Obama said at a news conference following the Republican victory that put the House in GOP hands.
Obama laid out the litany of crises and White House policy pushes that cast the business community in a negative light, starting with the financial crisis, big bonuses, the health care debate and, most recently, the BP oil spill.
Obama said he wants to mend bridges more publicly with the business community while seeking policy initiatives that help create jobs.
He said he's been doing that "behind the scenes" in meetings between White House officials and corporate executives, but he acknowledged the need to work on the more public relationship.
IRS reporting rule: In the spirit of helping the business community, Obama announced that he would support a policy change to undo one piece of the new health care law that required businesses to notify the Internal Revenue Service of purchases over $600.
The idea behind the measure was to ensure that all income gets disclosed and help generate more tax dollars to help pay for the cost of the reforms. But small businesses had declared the new rule burdensome and Republicans call it a "job-killing" mandate.
Even some Democrats had proposed legislation easing the rule, but Wednesday's press conference marked the first time President Obama declared his support for such a rollback.
Behind the scenes: Obama also talked about his work on behalf of the business community pressing China to rejigger its currency exchange policy, which would help U.S. exports.
He said he had invited a "whole bunch of corporate executives" to join him when he attends the Group of 20 meetings in Asia later this month, "so that I can help them open up those markets and allow them to sell their products."
But Obama added that he needs to do more.
Some families are outraged at the sums they've been offered by Lufthansa as compensation for the Germanwings plane crash in March which killed 150 people. More
Uber just raised another $1 billion in funding, which values it at nearly $51 billion. More
Fast-food chains that operate in more than 30 locations nationwide are the sole target of a new rule in New York to hike their minimum wage to $15. But consumers and small business owners, as well as some employees, may be the ones to pay the price. More
You can't blame it on the economy anymore. More Millennials now have jobs, but are still living at home. More