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January 6, 2011

Gene Sperling Expected to be Tapped for Top Economic Post 
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President Obama is reportedly preparing to name Gene Sperling the new
director of the National Economic Council, replacing Lawrence Summers.
Sperling served in the same post under President Bill Clinton. He is
currently a special adviser to U.S. Secretary of the Treasury Timothy
Geithner. During his time in the Clinton administration, Sperling is
credited with helping to create the Earned Income Tax Credit, which has
become a key part of the federal government's anti-poverty policy.
Sperling has been criticized by some for his ties to Wall Street. In
2008, he earned nearly $900,000 at Goldman Sachs, where he was hired to
help run a charitable project at the bank. He earned an additional
$158,000 in speaking fees that year. The economist Dean Baker has
criticized Sperling for supporting financial deregulation during the
Clinton years and for not recognizing the danger of the growth of the
housing bubble. Meanwhile, JPMorgan executive William Daley remains the
frontrunner in Obama's search for a new chief of staff. The White House
is also looking for a new press secretary. Robert Gibbs announced
Wednesday he is stepping down in February. Gibbs said he plans to become
a paid consultant to the Obama reelection campaign.



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