Obama Says Confirmation Process Hurts Choosing Business Leaders

Posted by Forexsq 1090 days ago (http://www.bloomberg.com)
img President Barack Obama says he is in favor of choosing a business leader for his economic team in a second term if talented executives can be convinced the U.S. Senate confirmation process isn’t too disheartening.

“Not only is it something I’m considering, I’d love to do it,” the president said on Bloomberg Television in his first interview since winning re-election. “It’s something I would have loved to have done in the first term.”

“One of the biggest problems we’ve got in terms of recruiting business leaders into the administration is the confirmation process has become so miserable, so drawn out, that for successful folks to want to put themselves through that process, you know, a lot of folks are just shying away,” he said.

Obama’s advisers have considered Chief Executive Officer Mohamed El-Erian of Pacific Investment Management Co., which manages the world’s biggest bond fund, for a role in the administration, said a person familiar with the matter. El-Erian declined to comment on the possibility.

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