President Obama with NEC Director Larry Summers (Photo Courtesy The White House)

Altman is considered to be the leading candidate for the position.  As founder of investment banking firm Evercore Partners, he could help repair tension between the Obama administration and the business community.

Other commenters, however, think Altman's candidacy is ill-advised.  "A major source of discontent with Obama is the perception that he's too close to the financial industry," said Jon Cohn of The New Republic. "Making somebody from the financial industry the president's top economic adviser sends exactly the wrong message.”

The National Economic Council implements and evaluates the administration's economic policy, and provides expert guidance on the formulation of policy.  Government agencies and offices that relate to economic policy are represented by their leaders on the Council.

White House Press Secretary Robert Gibbs said Wednesday "there are a number of good candidates, including him," but that it is still too early in the selection process to say who is most likely to take the top spot.

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