Multiple news outlets are reporting that Roger Altman is in line to replace Larry Summers as head of the Obama administration’s National Economic Council. If this is true, Obama is replacing a controversial, Wall Street – friendly former Clinton staffer with a lower-profile, Wall Street -friendly former Clinton staffer.
The rumored appointment comes at a time when the White House is confronting multiple criticisms on its economic policy. Some critics say Obama has relied too heavily on old Clintonites who contributed to the financial crisis, while others say Obama has frozen out Wall Street and cultivated antibusiness sentiment.
Sources told Bloomberg the administration is considering Altman because “he might be able to repair the rift that has emerged between Obama and investors.” It looks at the moment like the president is more interested in rekindling his romance with Wall Street than with making a break with the Clinton era.
mtaylor [at] observer.com | @mbrookstaylor