November 26th, 2008
11:05 AM ET
9 years ago

Obama names former Fed chairman to head recovery board

[cnn-photo-caption image= caption="Obama held his third press conference in three days Wednesday."]CHICAGO, Illinois (CNN) - President-elect Barack Obama Wednesday named former Federal Reserve chairman Paul Volcker, 81, to lead a new economic recovery board.

"Paul has been by my side throughout this campaign, providing a deep understanding of financial markets, extensive experience managing economic crises, and keen insight into the global nature of this particular crisis," Obama told reporters, calling Volcker "one of the one of the world's foremost economic policy experts."

Obama said a key purpose of the board would be to provide a perspective from outside the walls of the Washington "echo chamber," which he said "can sometimes keep out fresh voices and new ways of thinking."

The announcement came during the president-elect's third news conference in three days on the economic situation.

Austan Goolsbee, a University of Chicago economist who has been one of Obama's top economic advisors, will serve as Staff Director and Chief Economist of the board.

Obama said he would name other members of the board "in the coming weeks." He is due to take office on January 20, 2009.

The board will brief Obama, offering independent, nonpartisan information, analysis and advice to the president as he formulates and implements his plans for economic recovery, Obama's transition office said.

It will be established initially for a two-year term, after which Obama will determine whether to continue its existence based on its continued necessity.

Full story

Filed under: Obama transition
soundoff (186 Responses)
  1. Steve

    Since Obama insists that CEO's should take a pay cut, then so should He and the rest of the congressional idiots whose fault this economic situation is in the first place.

    Ooops. I forgot. Socialism 101. The Obama and his human debri will get MORE of our tax money for themselves.

    November 26, 2008 03:09 pm at 3:09 pm |

    John November 26th, 2008 2:15 pm ET

    For all you "meatheads" defending the PE – Obama…did you ever stop to think that this "mess" was created for the purpose of electing this impostor. Do the math dummies…fast vetting….mostly jewish appointees…more of the same. This is the beginning of the end.. and oh by the way, Al Franken will win. He has to.



    November 26, 2008 03:10 pm at 3:10 pm |
  3. Stop the nonsense

    PE Obama chooses someone intelligent from Reagan's administration, and some Republicans will still complain. Sad.

    Ted & Larry,
    Note: deregulation. Our economic situation has to be a shared responsibility from all parties to fix.

    JuanM (and others),
    As Christians, we believe Christ is the Messiah, not a politician. Please stop using sacrilegious mockery over rational thought. It's truly disappointing what's happened to my former party's "family values."

    November 26, 2008 03:15 pm at 3:15 pm |
  4. Mike are absolutely 100% incorrect.

    Decisions by the Fed board are not supposed to be "reactive". The fed board is suppose to take actions to lessen future problems it sees coming down the road.

    Wow....let me guess you will now claim to have a phd in economics from harvard

    November 26, 2008 03:30 pm at 3:30 pm |
  5. David

    David November 26th, 2008 11:39 am ET

    UNREAL!! Look at this team that Obama has put together for the economy. Talk about the foxes guarding the henhouse. I really, really thought this guy would be about change and believed it and voted for it. But he is not following through and bringing in these recycled politicians and known crooks. I thing I made a mistake and should have went with Hillary (hey, his cabinet is two-thirds Clintonites anyway).
    With all due respect, wouldn't you rather have the people who made the mess to clean it up?

    if you think they will clean it up then you are delusional.

    November 26, 2008 03:32 pm at 3:32 pm |
  6. al in memphis

    whether you are for giving Obama"s administration a chance or not, you really should start thinking about how you are going to secure your own future when the value of the dollar sinks. Remember this is a world market.
    Also, can we start using the bigger part of brain that is constructive as opposed to the critical smaller part.

    November 26, 2008 03:39 pm at 3:39 pm |
  7. Rick

    lolol...change you can believe in!

    You democrats must feel like the sad sack who wants his money back from the back-pedaler-in-chief.

    November 26, 2008 03:39 pm at 3:39 pm |
  8. Ken

    Wow. The utter delusion eminating from the neo-tard sore-losers on this site is amazing.

    OK, EW and all the rest of you rightwing intellects, show me the numbers on EW's claim that "the economy grew more under President Bush than it did under Clinton." Show me that this incredulous claim has some backing behind it other than that you heard it on the FoxNews channel.

    I also like the post with the claim that since the poor fellow, under the Clinton admin., made only 10% of what he's earning now, the current economy must be better!!!!

    It is scary that these peole are allowed to vote, even scarier that they're allowed to procreate.

    November 26, 2008 03:56 pm at 3:56 pm |
  9. Ken

    Hey NY Republican...what were the results from your test?

    November 26, 2008 03:58 pm at 3:58 pm |
  10. Is it US?

    Reading this blog, the day before thanksgiving, is a bit disheartening.

    On one side you have the Democrats blaming Bush, and on the other the Republicans spouting off about how bad Obama is going to be. Based on these blogs, I can't find it in myself to blame either one of them. It goes back to the old saying, you can lead a horse to water, but you can't make it drink. If our society is similar to the bloggers here, then we are the horses, and no matter who our President is, we will refuse to drink. And the saddest part of all, our children will suffer from our inability to move forward with purpose. The time is now, and regardless of who our president is...there are more of us then there are of Him/Her. This is an exception to the rule, quantity CAN equal quality. We must move on and fix this, so our children do not have to. Quit your whining and pitch in people, we take the cards that are dealt us, and we make it a winning hand!

    On this thanksgiving, I give thanks to those generations that have gone before me. That have allowed me to enjoy, and be proud of the history of my country. Let us pray that our children can give the same thanks when they are our age!

    November 26, 2008 04:00 pm at 4:00 pm |
  11. Wait...What?

    I love how people are criticizing Obama before he's in office but the best part is you never hear "McCain would have done this blah blah blah, which would have been much better." Face it you Republicans don't have leg to stand on and if we were to listen to you we'd be in a mess w/o a leader.

    November 26, 2008 04:05 pm at 4:05 pm |
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