Strong Dollar in US Interest: Summers

The Obama administration believes a strong dollar is in the United States' best interest, a top White House adviser told CNBC on Thursday.

"(Treasury) Secretary (Timothy) Geithner's often spoke with the administration saying a strong dollar is in our interest," National Economic Council Director Lawrence Summers said.

"That's a true statement about America....and that's our policy."

Geithner said that it was crucial the U.S. strengthens its economic fundamentals and its capacity to grow. "And that's what the president's emphasis has been, whether it's the recovery act or whether it's what we're trying to do on health care," he added.

Summers acknowledged that the jobless rate, which hit 9.8 percent last month, is likely to climb higher but said the rate of job losses has slowed.

"No one talks about the economy being in free fall, GDP growth is actually likely to be positive for the next six months," he said. "So I think we're turning a corner, and as that corner is turned, I think you'll see the recovery gather speed and you'll start to see unemployment coming down."

He noted that there should be "requirements on the form and structure of compensation so that regulators are making sure you're not encouraging that excessive risk-taking where the idea is that you rely, if you lose, on the taxpayers."

- Via CNBC