GE’s Immelt to head Obama economic advisory board

Posted: January 21, 2011 in Uncategorized

General Electric CEO Jeffrey Immelt is taking over President Obama’s Economic Advisory Team from former Federal Reserve Chairman Paul Volcker, a move that signals the administration’s shift from economic stabilization to job recovery. As with JPMorgan Chase executive William Daley’s appointment to chief of staff, Immelt’s appointment also shows the White House’s determination to reach out to the business community. The board is also getting a new name. Once called the Economic Recovery Advisory Board, it will now be known as the President’s Council on Jobs and Competitiveness. In an op-ed for The Washington Post, Immelt wrote: “The president and I are committed to a candid and full dialogue among business, labor and government to help ensure that the United States has the most competitive and innovative economy in the world.”

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