Sperling to head National Economic Council

Source: MSNBC

Sperling, who was the head of the council under former President Clinton, would replace Larry Summers.

Sperling is currently counselor to Treasury Secretary Timothy Geithner.

The president will make the announcement tomorrow during his visit to Thompson Creek Manufacturing in Landover, MD, a window manufacturer. While there, the president will also tour the facility and comment on the monthly employment report.


Read more: http://firstread.msnbc.msn.com/_news/2011/01/06/5779327-sperling-to-head-national-economic-council

---

During Bill Clinton's first term as President, from 1993-1996, Sperling served as deputy director of the National Economic Council while the Council was directed by Robert Rubin, who was promoted to Treasury Secretary. Sperling became National Economic Adviser to Clinton and director of the National Economic Council from 1996 to 2000.

As director of the NEC. Sperling was a principal negotiator with then-Treasury Secretary Lawrence Summers of the Financial Modernization Act of 1999, also known as the Gramm-Leach-Bliley Act. Gramm-Leach-Bliley repealed large portions of the depression-era Glass-Stegall Act allowing banks, securities firms and insurance companies to merge.<2>President Barack Obama believes that the repeal of Glass-Steagall helped cause the 2007 subprime mortgage financial crisis.<3>

Also in 1999, together with United States Trade Representative Charlene Barshefsky, Sperling successfully negotiated and concluded the China-World Trade Organization agreement in Beijing, paving the way for China to enter the WTO in 2001. <4> The Economic Policy Institute estimates that 2.4 million U.S. jobs have been lost to China since 2001.<5>

Sperling was the chief economic advisor for Hillary Clinton during her presidential campaign.<6><7>

According to Bloomberg News, Sperling earned $887,727 from Goldman Sachs in 2008 and $158,000 for speeches mostly to financial companies, including the firm run by accused Ponzi scheme mastermind R. Allen Stanford. <8>

Sperling is the author of The Pro-Growth Progressive, a book arguing that liberals should seek to harness market forces in pursuing progressive goals, and co-author of What Works In Girls' Education?. He was also a consultant for the television series The West Wing.

http://en.wikipedia.org/wiki/Gene_Sperling

Message removed by moderator. Click here to review the message board rules.

You'd never guess he actually has any. What with his appointments of JP Morgan and Goldman Sacs representatives, one would think he only cares about those with money and power. I guess he figures they'll be able to buy enough votes that he doesn't need to cater to the other 99% of the population.