If President Barack Obama chooses JPMorgan executive William Daley as his next chief of staff he could at last build bridges with the disgruntled U.S. business community, both on Main Street and Wall Street. Daley’s pro-trade views are a big reason the buzz around his potential nomination is so loud. The pick would also bode well for reaching deals with Republicans on taxes and spending. A few observations (via my column for Reuters Breakingviews):
That is the buzz. But it is more than just buzz. My sources tell me that serious conversations are being had, though it is not a done deal. Certainly the business folks I have chatted with would be delighted. Forget about Valerie Jarret. When a top CEO had an issue, he or she would be calling Bill Daley from now on, not Jarrett. Daley would be “their guy.” (And I would also call Gene Sperling the frontrunner to replace Larry Summers.) Here is the Reuters take:
From the White House’s perspective, the ideal replacement for Larry Summers as chief economic brain would be a female chief executive who could reach out to Republicans and the business community without irking liberals. Buzz about the candidacy of Roger Altman, the founder of investment bank Evercore, shows how difficult it may be for President Barack Obama to land that dream candidate.
The man behind the Volcker Rule and the bank tax will soon be leaving Washington. That’s right, Obama political adviser David Axelrod is headed back to Chicago. What, you thought I meant Treasury Secretary Timothy Geithner? As for Geithner, he will more than likely be at Treasury for the duration, though in some ways he has a better skillset for the National Economic Council. Here’s a bit from my recent Reuters Breakingviews columnette on Obama’s pal:
So who is going to replace Larry Summers over at the White House? My Reuters colleagues list a number of options. I have come up with a number of my own over at Twitter. (The WH would love a female CEO as director of the National Economic Council, methinks.) Anyway, here is my Reuters Breakingviews column on the the impending Summers exit: