Obama May Tap Daley as Chief of Staff

Updated from 3:22 a.m. EST

WASHINGTON ( TheStreet) -- President Barack Obama could name William Daley, an executive at JPMorgan Chase ( JPM) and former U.S. Commerce secretary, to a top job at the administration, possibly White House chief of staff, Bloomberg reports.

The move, which is still under discussion, would bring someone with strong business ties into the administration just as Obama sets out the next phase of his presidency, Bloomberg notes.

"Daley is highly respected by the business community and has great connections," Douglas J. Elliott, an economic studies fellow at the Washington-based Brookings Institution, said in an email to Bloomberg. Naming Daley to a top post, he said, "could help mend fences" with executives who have complained that the Democratic administration is anti-business.

Obama's first chief of staff, Rahm Emanuel, resigned last year to run for Chicago mayor. Daley's brother, Richard Daley, is Chicago's current mayor.

Separately, Reuters reports Obama could name Gene Sperling, a veteran of the Clinton administration, as the president's new top economic policy adviser.

Several sources close to the deliberations said Sperling has emerged as a potential successor to Larry Summers, who is departing as director of the National Economic Council, Reuters reports.

-- Written by Joseph Woelfel

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