Lawrence Summers defends Obama policy

NEW YORK, June 13 (UPI) -- Lawrence Summers, head of the U.S. National Economic Council, said Friday the Obama administration's policy is a result of "necessity, not choice."

Summers defended the policy in a speech to the Council on Foreign Relations in New York, The Hill reported. He said President Barack Obama recognizes government should only intervene in the economy when necessary to "avert unacceptable -- and in some cases dire -- outcomes."

"Barack Obama ran for president to restore America's role in the world, reform our healthcare system, achieve energy independence and prepare our children for a 21st century economy," Summers said. "He did not run for president to manage banks, insurance companies or car manufacturers."

Obama wants to "save markets from their own excesses" by regulatory reform, Summers said.