GE’s Immelt on replacing Paul Volcker

January 21, 2011

Earlier this week in her exclusive interview with Jeff Immelt, Chrystia asked whether the GE head would replace Paul Volcker as chairman of President Obama’s outside panel of economic advisers.  Immelt ducked the question a bit, saying he would leave that decision to the President.  Today it became clear why he was noncommittal as the White House announced that Immelt will chair a new Council on Jobs and Competitiveness, the successor to the President’s Economic Recovery of Advisory Board which Paul Volcker chaired.

Watch Chrystia’s exchange with Immelt and read the transcript of his remarks below:

You know, I’m going to leave that alone. I’m going to leave it to the President. What I would say is that I think American companies and American CEOs need to be as constructive as we can be to help, you know, resolve some of these mistrusts and residue that exist in the environment today. 9.5% unemployment is not a tenable situation for any of us. You know, even though, it’s not directly my responsibility, in a broader sense, it’s all of our responsibilities. And so, I think there’s nothing wrong with working constructively with this President to try to drive growth and job creation.

Posted by Peter Rudegeair.


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We need a comprehensive industrial / resource / technology / ag policy before discussing tax policies [and empty tax cuts].

Posted by SanPa | Report as abusive

Now, how can we replace Jeffrey Immelt with someone who isn’t a suck-up to the socialist, statist empire that the Obama crowd is trying to create out of what used to be the United States …?

Posted by user8192 | Report as abusive

Yeah and I heard Blankfein is head of Obama’s new Spiritual Financial Roundtable and Revival with his direct connections to the Holy CEO Himself! Immelt made sure he stuck his GE Capital snout in the public trough first and deep when the when the bottom fell out and now he’s going to lead us to the Promised Land of Economic Plenty. I’m so saved ..

Posted by Woltmann | Report as abusive