Summers speculation roundup
Place your bets!
Following are economists that have been mentioned as potential replacements for Summers as director of the White House National Economic Council.
A member of the President’s Economic Recovery Advisory Board, an outside panel of economic experts advising Obama. Tyson is a former top economic adviser to former President Bill Clinton. She is also a professor at the University of California, Berkeley’s Haas School of Business.
A deputy to Summers on the National Economic Council. She also sits on Obama’s Auto Task Force. From 2002 to 2009, Farrell was Director of the McKinsey Global Institute, the economics research arm of McKinsey & Company. Prior to joining McKinsey, she worked at Goldman Sachs as a financial analyst.
He’s also a deputy to Summers. Furman served as Economic Policy Director of Obama’s presidential campaign. He served in the Clinton administration as a staff economist at the Council of Economic Advisers and later worked for the National Economic Council. In addition, he was a senior adviser to a top World Bank official.
A member of the bipartisan deficit commission Obama formed early this year to tackle the deficit. Fudge was chairman and chief executive officer of Young & Rubicam Brands. She also held senior executive positions at General Mills and Kraft.
Chairman of the Commodities Futures Trading Commission, Gensler is a former Treasury official and Goldman Sachs employee. He was also a senior adviser to former Senate Banking Committee Chairman Paul Sarbanes, on the Sarbanes-Oxley Act.
Counselor to Treasury Secretary Timothy Geithner. Sperling headed the National Economic Council in the Clinton administration. He served as an economic policy adviser to the Clinton-Gore presidential campaign and was also an economic adviser to former New York Governor Mario Cuomo.
Chief economist at Moody’s Analytics, Zandi was an economic adviser to John McCain’s presidential campaign. But he has also advised the White House and congressional Democrats and Republicans.
Chairman and CEO of General Electric since 2001. Immelt is also a member of The Business Council and is on the board of the New York Federal Reserve Bank.
Chairman of Citigroup and a former chair and chief executive of Time Warner, Parsons was on the Obama transition team’s economic advisory board before being named Citigroup chairman. He also served on a task force under former President George W. Bush that examined Social Security changes.
Former Xerox Corp. chief executive. She serves on the President’s Economic Advisory Board.
Among those whose names have been discussed is Anne Mulcahy, the former chief executive officer of Xerox Corp., two people familiar with administration discussions said. Other potential candidates include David Cote, CEO of Honeywell International Inc., and Richard Parsons, chairman of Citigroup Inc., according to one of the people. Cote is a member of Obama’s commission on cutting the federal deficit and, along with Parsons and Mulcahy, has been among the executives the president has called to the White House for consultations. The co-chairman of the deficit commission, former Clinton administration official Erskine Bowles, also has been mentioned as a possibility, a third person said.
Wall Street Journal:
Former Xerox Corp. chief executive Anne Mulcahy quickly emerged as a leading candidate to replace Mr. Summers, though White House officials caution that no decisions have been made yet. A senior administration official confirmed that Ms. Mulcahy had dinner in Washington Friday evening with senior presidential adviser Valerie Jarrett. She is highly thought of within the administration, the official said, where she serves on the President’s Economic Advisory Board. Other candidates include Deputy National Economic Council Director Diana Farrell, who came to the White House from McKinsey & Company, and Laura Tyson, an economist at the University of California, Berkeley, who served in the Clinton administration as chair of the Council of Economic Advisers.
Potential Summers replacements reportedly being initially considered include Rebecca Blank, a Commerce Department official who oversees the Census Bureau and Bureau of Economic Analysis; Ursula Burns, chairwoman and CEO of the Xerox Corp.; Ann Mulcahy, the company’s former CEO; and veteran economist Laura Tyson, who held the NEC director’s post in the Clinton administration. Obama is also expected to give a close look to business executives, as well as women candidates currently serving on his Economic Recovery Advisory Board and the President’s Export Council. The president is also known to think highly of Vice President Joe Biden’s chief economist Jared Bernstein .
As Obama gears up for the 2012 reelection campaign, administration officials need both a fresh face on the economy and someone who can craft a credible vision for creating jobs and restoring the nation’s economic vitality. Sources said the White House is considering whether to choose a candidate who could blunt criticism that the administration has been anti-business, such as a corporate chieftain or prominent investor. Administration officials are also eager to find a woman to fill a top economic role, since Romer’s departure left Obama with an all-male group of principals at his daily economic briefing.