Volker to Chair President's "Economic Recovery Advisory Board"

As first reported in media outlets largely targeted at business leaders -- such as the Wall Street Journal and Bloomberg News -- this morning President-elect Obama will unveil the "President's Economic Recovery Advisory Board" to be chaired by 81-year-old Paul Volker, former Federal Reserve Chair under Presidents Carter and Reagan.The names of other members of the board will be announced at a later date. Today PEBO will announce Volker and Economic Recovery Advisory Board staff director Austan Goolsbee, the University of Chicago economist and Obama economic policy adviser who will also serve on the President's Council of Economic Advisers.The board's members, the Obama Transition Team says, will be drawn from a cross-section of the American people, with a raison d'etre of providing PEBO with expert advice outside the normal channels of Washington, DC, bureaucracy and Wall Street boardrooms. The panel is modeled on President Eisenhower's Foreign Intelligence Advisory Board (then called the President's Board of Consultants on Foreign Intelligence Activities) which was established during an intense period of the Cold War and was "tasked with providing the President with an independent source of advice on the effectiveness with which the intelligence community is meeting the nation's intelligence needs and the vigor and insight with which the community plans for the future," according to the White House. This board will serve the same role on economic matters.The 6'7" Volker is given much credit for ending stagflation in the 1980s.-- jpt

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