Obama sees US on the mend, bets on future of green energy

WASHINGTON: US president Barack Obama told his board of outside economic advisers, led by former Federal Reserve Chairman Paul Volcker, that the US economy is showing ���some return to normalcy���.

Obama addressed the 16-member group, drawn from business, labor and former government officials, as it gathered at the White House today for its first full meeting. The topics were energy and jobs.

���You���re seeing industry, labor and government working together more cooperatively and in a better spirit��� than ���in a long time,��� Obama said. He cited the steps he announced on Tuesday to toughen auto-emissions and fuel-efficiency standards as one such agreement among sometimes competing groups that will aid the economy.

Members of the President���s Economic Recovery Advisory Board include General Electric Co Chairman and Chief Executive Officer Jeffrey Immelt, former Securities and Exchange Commission Chairman William Donaldson, former Fed Vice Chairman Roger Ferguson, UBS Americas Chairman and CEO Robert Wolf, and Service Employees International Union Secretary-Treasurer Anna Burger.

Designed to provide outside perspective on the administration���s plans to revive the economy, the board will draft recommendations after the meeting that will then be presented to Obama. Since March, the board���s members have been a source of economic advice for administration officials and the president, in constant contact on issues including regulatory reform, job growth and health care. Obama focused on energy and steps to reduce emissions of greenhouse gases.