Sperling to Head Obama's Economic Council

NEW YORK ( TheStreet) -- Gene Sperling is reportedly ready to reprise his role as head of the National Economic Council.

According to multiple media reports, President Barack Obama plans to announce his selection of Sperling to succeed Lawrence Summers in the post on Friday. Sperling served in the same capacity from 1997 to 2001 during Bill Clinton's presidency.

Sperling most recently has been a counselor to Treasury Secretary Timothy Geithner. The vacancy in what's considered the top economic policy advisory role in Washington is the result of Summers' decision to return to academic life at Harvard University.

Earlier on Thursday the president announced the appointment of Richard Daley as his new chief of staff, succeeding Pete Rouse, who served in the role on an interim basis.

-- Written by Michael Baron in New York.

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