G.E. CEO Jeffrey Immelt Tapped as White House Economic Advisor

General Electric C.E.O. Jeffrey Immelt has been tapped to head the White House's economic recovery panel. 

The panel is charged with leading an initiative on jobs and U.S. competitiveness. It is comprised of business, labor and academic leaders and has offers periodic reports to the President, notes the Los Angeles Times.

Immelt replaces former Federal Reserve Chairman Paul Volcker as chief economic advisor to President Obama.

Immelt's appointment signals Obama's efforts to involve big business in solving the nation's unemployment crisis.