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)

    I love my president elect but if I come home and find that he interrupted my dvr recording the Tyra show with Beyonce as the special guest, I'm going to be highly upset! LOL!

    Happy Thanksgiving To All!

    November 26, 2008 11:07 am at 11:07 am |
  2. Wally

    I think the CNN person who asked question of Pres Elect Obama wasvery rude.

    November 26, 2008 11:10 am at 11:10 am |
  3. Kevin Leo (Jonesboro, GA)

    Some tough questions from Ed Henry today! Of course the far-right will say that he wasn't tough enough and the far-left will say that he was too hard!

    Personally, I think that Bartack is doing a good job of walking a very fine line in explaining how he is going to handle things and whom e has chosen to help in that regards while still defering to the the current office holder.

    November 26, 2008 11:10 am at 11:10 am |
  4. JuanM

    Same old same old. These Washington insiders are going to give BILLIONS and Billions to Wall Street and Detroit. We are screwed regardless of who Obama picks. Of course he's already backing off of his "no lobbyist" statement. He's surrounding himself with them. Typical politician.

    November 26, 2008 11:11 am at 11:11 am |
  5. gp

    I would like to see anyone who could with the streight face claim that McInsane or his mistress could provide this level of countability . They were arguing that we do not have time for " on job training "however Obama is walking his talk eveen sooner than anybody before him ever did. Just notice for all who were sceptical and ever therefore even thought of other choice.

    November 26, 2008 11:12 am at 11:12 am |
  6. FreeNLovIt

    The yellow brick road for Obama is to think long-term and create jobs, otherwise, 300 million voices will drown out his vision.

    November 26, 2008 11:13 am at 11:13 am |
  7. Bruce

    Why do CNN continuously push Obama for his policies/Budget before he takes office?

    Shouldn't these questions be asked of the current President?

    As Mr. Obama has stated he is not the President and we only have 1 President at a time.

    Back off CNN

    November 26, 2008 11:14 am at 11:14 am |
  8. JuanM

    OMG...a reporter was rude to the messiah? How horrible. I hope the poor little Obama can take the heat. I the reporter a racist. That seems to work when someone challenges Mr Obama. We can't have that.

    November 26, 2008 11:15 am at 11:15 am |
  9. kim

    He is very much on top of things.... it's a great feeling.

    November 26, 2008 11:19 am at 11:19 am |
  10. California Gold

    It would be nice if our current President showed any interest in the demise of the economy. I just see him as an empty vessel.

    November 26, 2008 11:21 am at 11:21 am |
  11. Mary

    Wonderful, now we the taxpayers get to pay how many peoples salaries and benefits for a board to clean up the mess the democrats in congress were warned about over 2 years ago and did nothing about. I am really excited to throw away more of my hard earned dollars for this (un) worthy cause.

    November 26, 2008 11:21 am at 11:21 am |
  12. Goodson

    All Liberal Progressives should be eternally grateful to Sarah Palin for all she's done for us. She was generous.

    November 26, 2008 11:22 am at 11:22 am |
  13. Credit Card Republicans

    The Fed is the problem,a private bank,with no competition,owned by a bunch of unknown snakes.

    November 26, 2008 11:23 am at 11:23 am |
  14. Matt

    I am sure, He will be the best President in US History!

    November 26, 2008 11:23 am at 11:23 am |
  15. Change - Yeah Left

    Someone from the Fed?

    Yep, things are getting worse. For those of you who don't know – the Federal Reserve – is a PRIVATE bank – it's not the Federal Government's. And all that gold at Fort Knox that supposedly supports the government? It doesn't belong to the "people" it all belongs to the private entity known as the Federal Reserve.
    I call this letting the fox guard the hen house.

    I'm more disgusted daily.

    I doubt CNN will dare to post this one.

    November 26, 2008 11:24 am at 11:24 am |
  16. Texas Teacher

    Yes, I have to say that CNN reporter did come off a bit like a smart as... I mean behind..... sorry, Commentators.... he got a bit of a snippy retort because he deserved it. Obama is still the President ELECT, not the President! We voted for him because we trust his judgement! Give him a chance to get in office.

    And as Obama said, if he chose people with no political profile; people would be even more critical of his actions. Clearly there will be criticism no matter what he does! That is a given.... it's called sensationalism!

    How NICE it would have been if the media had questioned the BUSH/CHENEY administrational choices as well as their policies!

    Oh, hold on, after listening to Obama articulate his plan, we get to see a Turkey pardon a Turkey! Pardon me..... I have to go, I've just spit up in mouth! 🙂

    Happy Thanksgiving, America!

    November 26, 2008 11:25 am at 11:25 am |
  17. LJ

    When will he really answer a question, maybe the reporters will give him the questions before a briefing that way he can rehearse the answer. This is going to get old real quick

    November 26, 2008 11:25 am at 11:25 am |
  18. Thomas

    Phew! Finally, after 8 years of lunacy, some leadership and direction from Washington. I feel like buying something again. Thank you, Barack.

    November 26, 2008 11:25 am at 11:25 am |
  19. carmela

    I hope that Americans should trust the president-elect with his cabinet appointments. What he's doing right now is not easy, the US' economy and so many other countries' economies are at stake and those skeptics and complaining too early about "where's the change?" are not helping.

    November 26, 2008 11:27 am at 11:27 am |
  20. BJ

    Come on...the guy is 81 years old...all you demoncrats gave McCain grief about his age.

    Let him retire already.

    November 26, 2008 11:28 am at 11:28 am |
  21. Silvia, Maine

    I wonder why PE Obama wastes his time even giving press conferences.

    November 26, 2008 11:29 am at 11:29 am |
  22. Ted

    What is so ironic is that the Democrats caused most of the economic woes. The Democrats have fought reforms and now they are in charge of fixing everything.

    November 26, 2008 11:29 am at 11:29 am |
  23. Fred in SC

    I hope he's not as shady as Obama and the rest of them. However, that might be why he selected him. Time will tell!

    November 26, 2008 11:31 am at 11:31 am |
  24. Dave in NYC

    These press conferences are very smart – Obama doesn't take office until January, but he's wasting no time and is already restoring some confidence in the markets!

    Obama so far is showing the kind of fresh and bold leadership the American people need!

    November 26, 2008 11:33 am at 11:33 am |
  25. Phoenix

    Kevin thank you. I am so sick of people (right and left) blaming the media when they do their jobs by watch out....asking questions. President elect Obama is doing a great job without disrespecting the current president. Also, lets be for real, he's use to media scrutiny.

    November 26, 2008 11:34 am at 11:34 am |
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