Volcker steps down as economic adviser to Obama


Paul Volcker, the former chairman of the Federal Reserve, will step down as chair of the Economic Recovery Advisory Board, President Barack Obama announced Friday.

Obama named Jeffrey Immelt, the chief executive of General Electric, an American conglomerate, as the head of a new Council on Jobs and Competitiveness. The Council on Jobs and Competitiveness will replace the Economic Recovery Advisory Board as the President's source of independent advice on economic issues, meaning Immelt effectivel

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