Calling him someone who has a "deep understanding of how jobs are created and how to grow the economy,'' President Obama today named JPMorgan Chase Midwest Chairman William Daley to be the new White House chief of staff.
Daley, whom Obama described as an "experienced public servant and patriot," was Secretary of Commerce in the Clinton administration. He is the first person in Obama's inner circle who has experience as a senior level business executive.
Daley, who is the brother of Chicago Mayor Richard M. Daley, has been with JPMorgan Chase since 2004 and before that was president of SBC Communications. He was in President Clinton's cabinet from 1997-2000 and before that was on the board of mortgage buyer Fannie Mae.
He has been a mentor to Rahm Emanuel, who was chief of staff through October, and is now running to succeed Richard Daley as mayor of Chicago. Pete Rouse, who was President Obama's top aide in the Senate, is the interim chief of staff.
JPMorgan Chase is the second largest bank by asset size, with assets of $2 trillion.