Monday, January 24, 2011

Economics for president (obama hires CEO of GE)

Obama Taps GE CEO for Economic Panel

President Obama has tapped another top corporate figure for a key White House role. On Thursday, Obama said he is naming General Electric CEO Jeffrey Immelt to head the newly formed President’s Council on Jobs and Competitiveness. The council will replace the former Economic Recovery Advisory Board, which had been chaired by Paul Volcker, the former chair of the Federal Reserve. Volcker will step down when his panel’s mandate expires next month. Immelt’s appointment has drawn scrutiny in part because he opposed Obama’s presidential candidacy. During the 2008 elections, Immelt donated to Hillary Clinton as well as Republicans John McCain, Rudy Giuliani and Mitt Romney. His appointment follows the recent hiring of former commerce secretary and JPMorgan Chase executive William Daley as White House chief of staff.

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