Obama Choice of Daley to Focus Staff on Economy. Yes, President Barack Obama announced the appointment of Bill Daley as the new White House chief of staff. He is sixty-two years of age and will take charge of talking to the media as representative of President Obama, especially about economic matters. He has a background in politics as the son of Richard J. Daley, the man who was mayor of Chicago for twenty-one years. His brother, Richard now serves as mayor of Chicago.
His experience as a member on the executive committee for JPMorgan Chase & Co., chairman of the election committee for Al Gore when he made his run for the White House and position on the board of directors of Boeing prepared him for this challenging position.
Gene Sperling is appointed by the president to lead the National Economic Council. He has served in that position before. When Bill Clinton was president, Sperling held the same position. One of the things he fought for at that time was raising the visas issued to 195,000 as a maximum. Currently the maximum is 85,000. This H-IB visa gave an advantage to businesses that did offshore outsourcing.
That had the unfortunate effect of shipping American jobs overseas. It will be interesting to see how Sperling now handles this H-IB visa situation. He must find a solution that will be amicable to the U. S. Labor Department as well as businesses concerned with outsourcing.
Secretary Timothy Geithner, as leader of the National Economic Council, will concentrate on improving the economic recovery. His background as an economist and banker precedes his career as a civil servant. He has also served as President of the Federal Reserve Bank of New York.
He will deal with restructuring the financial system, the recovery of the automobile industry and necessary tax changes. He will negotiate financial issues with foreign country leaders. These three new appointments of Daley, Sperling and Geithner will bring rejuvenation to the economy and address the national debt that is now a staggering amount of money.
Members of Congress, Republicans and Democrats alike, are familiar with Sperling and Daley. They are also familiar with big business and labor groups. An anonymous source reported that these working relationships are good. For example, Daley received endorsement from the U. S. Chamber of Commerce and the Business Roundtable in D. C.
Daley was described as a potentially beneficial chief of staff by Senate Republican leader, Mitch McConnel. He praised his experience in corporate America. His position as president of SBC Communications and member of the executive directors board at Boeing were both successful. He has been at JPMorgan since 2007. On the detrimental side, he was a board member of Fannie Mae, which is responsible for many people losing their homes to foreclosure. Fannie Mae and Freddie Mac approved ill-advised loans, which led to the mortgage crisis.
It is the expectation that Daley will resign from his position at JPMorgan & Chase. We can expect him to turn his attention to the financial problems at hand. President Obama made a wise choice as far as the opinions of top leaders from both political parties are concerned. He will be elucidating his views on the major news shows to outline a workable plan to deal with jobs and the national debt. Evelia K. Roskovensky