Obama Taps GE CEO To Head Economic Council

President Barack Obama announced Friday that General Electric CEO Jeffrey Immelt will be joining the White House’s economic team.

Immelt will steer the Council on Jobs and Competitiveness, which be replacing the Economic Recovery Advisory Board. Its Chairman, Paul Volcker, left the administration Thursday.

The appointment comes as the White House continues to court the business community. Earlier this month, Obama appointed business-ally William Daley as his Chief of Staff and on Tuesday, the President pledged to hold a government-wide review of regulations.

Obama made the announcement on the same day he visited the corporation’s largest manufacturing plant in Schenectady, New York.