President Obama on Friday named two business people, a fiscal policy expert and a labor leader to sit as members of the National Commission on Fiscal Responsibility and Reform he created the previous week.

The president appointed:

• Dave Cote, the chief executive of technology firm Honeywell.

• Ann Fudge, a former chief executive of Young & Rubicam Brands.

• Alice Rivlin, a former official with the Federal Reserve and the Office of Management and Budget.

• Andy Stern, the president of the Service Employees International Union.

The panel will consist of 18 members — 10 Democrats and eight Republicans. Congressional leaders will appoint six of the Democrats and six of the Republicans. Former Clinton White House Chief of Staff Erskine Bowles and former Senate Republican Whip Alan Simpson will serve as co-chairmen.