Immelt Named To Obama's New Economic Advisory Board

GE CEO to join independent group that will advise president on programs to jump-start economy

President Barack Obama has named Jeffrey Immelt, CEO of NBC Universal parent GE, to his new economic advisory board.

The new board is modeled on the foreign intelligence advisory board created under President Dwight Eisenhower, according to the White House, and will "provide an independent voice on economic issues and will be charged with offering independent advice to the President as he formulates and implements his plans for economic recovery."

The board, which will meet regularly to advise the president on programs to "jump-start" the economy and how those programs are working, features a mix of executives from various industries, academics, a representative of the AFL-CIO, and others.

"I'm grateful that I will have the counsel of these talented and experienced men and women in the challenging months to come," the President said in announcing the board. "I created this board to enlist voices that come from beyond the echo chamber of Washington, DC, and to ensure that no stone is unturned as we work to put people back to work and to get our economy moving. We will meet regularly so that I can hear different ideas and sharpen my own, and seek counsel that is candid and informed by the wider world."

The new board is different from the president's transition economic advisory board, on which former Time Warner CEO Dick Parsons and Google chief Eric Schmidt served. Neither are on the new board.

Joining Immelt on the new board, which is chaired by former Fed Reserve Chairman Paul Volcker, are:

William H. Donaldson, Chairman, SEC (2003-2005); Roger W. Ferguson, Jr., President & CEO, TIAA-CREF; Robert Wolf, Chairman & CEO, UBS Group Americas; David F. Swensen, CIO, Yale University; Mark T. Gallogly, Founder & Managing Partner, Centerbridge Partners L.P.; Penny Pritzker, Chairman & Founder, Pritzker Realty Group; John Doerr, Partner, Kleiner, Perkins, Caufield & Byers; Jim Owens, Chairman and CEO, Caterpillar Inc.;Monica C. Lozano, Publisher & Chief Executive Officer, La Opinion; Charles E. Phillips, Jr., President, Oracle Corporation; Anna Burger, Chair, Change to Win; Richard L. Trumka, Secretary-Treasurer, AFL-CIO; Laura D'Andrea Tyson, Dean, Haas School of Business at the University of California at Berkeley; Martin Feldstein, George F. Baker Professor of Economics, Harvard University.