By Mike Dorning and Peter Cook Feb. 9 (Bloomberg) — White House economic adviser Lawrence Summers said today he is “optimistic” that Congress will pass legislation this year aimed at job creation. Summers, 55, director of the White House’s National Economic Council, cited a “common commitment” that congressional leaders of both parties share with the president to promote employment and help small businesses. “There’s going to be a great deal of activity, and I’m optimistic there’s going to be a jobs bill,” Summers said in an interview with Bloomberg Television after a meeting with President Barack Obama and congressional leaders to discuss jobs legislation. Joining the president were House Speaker Nancy Pelosi of California, Senate Democratic leader Harry Reid of Nevada, House Majority Leader Steny Hoyer of Maryland, House Republican leader John Boehner of Ohio and Senate Republican leader Mitch McConnell of Kentucky. Summers called a $154 billion employment bill approved by the House in December “a strong measure.” The Senate is working on its own jobs package, which Obama said should include tax breaks for small businesses. The unemployment rate fell in January to 9.7 percent from 10 percent the previous month, the government reported Feb. 5. The administration has forecast the rate will average 10 percent for the year. Summers called the decline in unemployment “encouraging,” while noting that the labor-market figures “fluctuate from month to month.” Fed Independence As Congress considers a financial regulatory overhaul, Summers said the Obama Administration will support efforts to preserve the Federal Reserve’s independence. The House in December voted to approve a proposal by Representative Ron Paul , a Republican from Texas, to open the Fed’s interest-rate decisions to audits by congressional investigators. Asked if he would recommend a veto of regulatory legislation should Paul’s measure be included, Summers said the Fed already had demonstrated its commitment to transparency and the central bank’s independence is “crucial” to economic growth. To contact the reporter on this story: Mike Dorning in Washington at mdorning@bloomberg.net .
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Summers Says He’s Optimistic Congress Will Pass Bill to Boost Job Growth
