US President Barack Obama, in another step to boost jobs and shift toward the political center, will name General Electric Co Chief Executive Jeffrey Immelt on Friday as a top outside economic adviser. The White House said Immelt will head a new economic advisory panel to promote growth.
The move was quickly welcomed by business, with whom Obama is trying to thaw relations that chilled over his healthcare and financial regulatory reforms. The "President's Council on Jobs and Competitiveness" replaces an economic recovery advisory panel led by former Federal Reserve Chairman Paul Volcker, who is stepping down when his group dissolves next month. Bringing Immelt on board is the latest sign from Obama that he is serious about building better ties with business.