He didn't get the Treasury position, but Larry Summers will still play a major role in guiding Barack Obama's economic policy. Obama has picked the former Treasury chief to lead the National Economic Council, a post that will make him the president's closest fiscal adviser, the Wall Street Journal reports. The president-elect plans to unveil his entire economic team Monday, including New York Fed chief Tim Geithner as his Treasury nominee.
Summers, who also served as Harvard president, has been an economic adviser to Obama throughout the campaign. He is helping draft a huge economic stimulus package that Obama wants to sign soon after becoming president. Summers served as Treasury secretary under Clinton, and he is widely mentioned as a top contender to replace Ben Bernanke as Fed chief in 2010.