New year, new recovery strategy, new Volcker. President Obama has named GE CEO Jeffrey Immelt to replace our favorite anti-industry-excess grandpa after Paul Volcker steps down from the Economic Recovery Advisory Board in February. The decision to go with Immelt to replace former Federal Reserve chairman is part of Obama’s effort to focus on job creation over economic policy. In case naming the CEO of the second-largest multinational corporation in the world was too subtle, the panel is also getting a rebrand as the Council on Jobs and Competitiveness. You want jobs and competiveness? Oh, we’ve got your jobs and competitiveness. Obama is interested in reminding the world that there are economic success stories coming out of the recession, which is why he’ll be traveling to General Electric’s birthplace in Schenectady to showcase GE’s new deal with India, which will bring jobs from overseas back to the U.S. through a power turbine contract. GE’s largest energy plant is the future site of its advanced battery manufacturing program, and that technology has been one of the president’s pet symbols of innovation and job creation. Although if Immelt is anything like the dearly departed Don Geist, his counterpart on 30 Rock, expect a life-size portrait of Ronald Reagan in his new office.
GE’s Immelt to head Obama economic advisory board [LAT]
Obama seeks to highlight economic successes [AP via Yahoo]
