GE CEO expected to chair new Presidential advisory council

Nancy Marshall-Genzer Jan 21, 2011
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GE CEO expected to chair new Presidential advisory council

Nancy Marshall-Genzer Jan 21, 2011
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TEXT OF STORY

STEVE CHIOTAKIS: First, President Obama today is set to announce that GE CEO and chairman Jeffrey Immelt head a new advisory council. That’s on the day that GE reported a more than 50 percent rise in profit. The company has its hands in a lot of different industries and it’s seen as an economic bellwether.

Marketplace’s Nancy Marshall Genzer is live from Washington on what GE’s CEO brings to the White House. Good morning Nancy.

NANCY MARSHALL GENZER: Good morning.

CHIOTAKIS: So what does it mean that we have a new head of this new economic council?

MARSHALL GENZER: The new Council on Jobs and Competitiveness will replace President Obama’s Economic Recovery Advisory board, which of course was headed by former Fed chairman Paul Volcker. Volcker was sometimes frustrated at being an outside adviser to the White House. Immelt, the Chair of the new commission, actually sat on the advisory board that Volcker chaired. And, Immelt he’s been an informal adviser to the White House before. Of course he has a full time job heading GE, but his ties to the business community are seen as an asset that Volcker doesn’t have. And President Obama has been reaching out to business leaders lately, hoping they can help him turn the economy around.

CHIOTAKIS: Nancy, Does this news say anything about the President’s broader economic agenda?

MARSHALL GENZER: Yeah, I mean you can tell from the name of this new council it’s an indication that, now the White House wants to move away from stabilizing the economy with things like stimulus money from the government. And focus more on growing the economy and creating jobs. One of the ways the president wants to do that is by increasing exports.

CHIOTAKIS: Marketplace’s Nancy Marshall Genzer, reporting from Washington. Thanks.

MARSHALL GENZER: You’re welcome.

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