Obama taps GE CEO as new advisor

General Electric CEO and Chairman Jeffrey Immelt

Source: Press TV
http://www.presstv.ir/detail/161254.html


President Barack Obama has tapped the chief executive officer and chairman of US conglomerate corporation General Electric, as the head of a new economic advisory council.

The White House announced early on Friday morning that Jeffrey Immelt would take the place of Paul Volcker, the former Federal Reserve chairman, to lead the Council on Jobs and Competitiveness, The Washington Post reported on Friday.

The new council replaces the old Economic Recovery Advisory Board. Obama created the board when he took office in an attempt to stimulate economic recovery and solve America's financial crisis. That body is set to expire on February 6.

"Because we still have a long way to go to get Americans back to work and strengthen our economy, the President will announce on Friday that he will sign a new Executive Order creating a new board, the President's Council on Jobs and Competitiveness, which will have a new composition and new mission as we move to a new phase in our economic recovery," a White House statement said.

"The Council will focus on finding new ways to promote growth by investing in American business to encourage hiring, to educate and train our workers to compete globally, and to attract the best jobs and businesses to the United States."

Immelt has long served as an informal adviser to the Obama administration on business issues. He accompanied the US president on his visit to India in November 2010.

Obama will travel to Schenectady, New York on Friday to announce Immelt's appointment. The two will then brief reporters on job creation efforts, the White House said.