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www.rediff.com

U.S. President Barack Obama has named a prominent corporate executive as the new head of his economic advisory board.

Jeffrey Immelt, the chief executive officer of General Electric, will replace former Federal Reserve Chairman Paul Volcker as head of the President’s Economic Recovery Advisory Board. The panel will be renamed the President’s Council on Jobs and Competitiveness when its initial mandate expires on February 6.

Mr. Obama created the original board when he took office to guide the administration’s efforts to steer the nation out of the 2008 financial crisis. The newly restructured board will be focused on generating ideas to speed up economic growth.

In an opinion piece in Friday’s edition of The Washington Post , Immelt says he and Mr. Obama are committed to a “candid and full dialogue” among business, labor and government to ensure the U.S. has the world’s most competitive and innovative economy.

Immelt says the new council will focus on manufacturing and exports, free trade, and innovation.

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