President Barack Obama will name Jeffrey Immelt, General Electric Co.'s chief executive officer, to head his outside panel of economic advisers, replacing former Federal Reserve Chairman Paul Volcker.Immelt is "a self-described Republican" who "counts former President Ronald Reagan as a personal hero" and thinks that Obama's decision to extend the Bush tax cuts was one of the "real positives" of Obama's presidency.
Immelt wrote in an op-ed today in the Washington Post that Obama asked him to take the helm of the newly renamed President's Council on Jobs and Competitiveness. The group will reach out to labor and business leaders to serve "as a catalyst for action," he wrote.
Cool! He sounds SO COOL.