January 21st, 2011
02:12 PM ET
By CNN Wire Staff
Washington (CNN) - President Obama announced the creation of an economic advisory council Friday that will be headed by Jeffrey Immelt, the CEO and chairman of General Electric.
The President's Council on Jobs and Competitiveness will replace the Economic Recovery Advisory Board that was headed by former Federal Reserve Chairman Paul Volcker.
Volcker's board helped pull the economy "back from the brink," Obama said. Immelt's panel will be charged with "putting the economy into overdrive."
"Jeff's somebody who brings a wealth of experience to the table," Obama said. "We think GE has something to teach businesses all across America."
Obama made the announcement while visiting a GE plant in Schenectady, New York.FULL STORY