A German parliamentary assembly will elect country's new president today. The German president has little executive power, but is considered an important moral authority. <br/><br/>The new head of state will succeed Joachim Gauck, who announced last year that he wouldn't seek a second five-year term because of his age. The president is elected by a special 1,260-member assembly made up of the 630 lawmakers in parliament's lower house and an equal number of representatives from Germany's 16 states.