The White House said that President Obama will nominate GE Chief Executive Immelt as chairman of the New Economy Group. The group will focus on promoting economic growth through investment in companies and will strive to find out about encouraging companies to hire and invest in US competitiveness. Methods.

Geoffrey Immelt, president and CEO of General Electric (GE) (datasheet)

The White House said on Friday (21st) that President Obama will nominate General Electric Chief Executive Jeffrey Immelt as the head of a new advisory group that will focus on promoting economic growth through investment in companies.

The new group, known as the "Presidential Advisory Committee for Employment and Competitiveness," will work hard to find ways to encourage companies to hire and invest in American competitiveness.

Obama stated in the statement: "The experience of General Immelt in GE and his understanding of the role of the private sector in creating jobs and enhancing the competitiveness of the United States have made him take on the challenge of leading this new committee."

Immelt said: "I and President Obama will promote dialogue between the business community, trade unions and the government on maintaining the competitiveness of the United States." He said that Obama's new economic team will focus on manufacturing, exports, free trade and innovation. Both the public and private sectors have the responsibility to enhance the competitiveness of the United States.

Earlier, the White House announced that Paul Volcker will remove the chairman of the White House Economic Recovery Advisory Board.