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. 60 year old white female and proud supporter of PE Obama

    Why would PE Obama give "pieces" of his economic plan which may further spook the market. You don't roll out parts of a whole picture..a budget, even a family budget, is based on as many expenditures and savings as possible.

    Why appoint a team and say what they are going to suggest/implement the day they are announced.

    I liked his answer about implementing experience with new voices. Maybe CNN should balance the people who have worked in Washington with those who have not.

    November 26, 2008 12:00 pm at 12:00 pm |
  2. Ex-Republican for Obama

    What is so ironic, is the republicans caused all of these problems via their deregulation and corruption. Spending on a war that we can't afford and then wondering why we are so far in debt.

    Thank god we have an intelligent president for a change!

    November 26, 2008 12:00 pm at 12:00 pm |
  3. An American

    You people critized McCain for his age and made nasty comments about him and his age and now we are getting an 81 year old to head a recovery board? Democrates caused this economic mess in the first place, and now the same people are going to put in charge to "fix" things. Obama will not be the best "President" ever in history and I think the next four years will prove that.

    November 26, 2008 12:01 pm at 12:01 pm |
  4. Texas Teacher

    .... those were not Goons... RH or RJ.... they were the appointees! Just to let you know.... I suspect they would not be pleased to have been called goons! *LOL*

    November 26, 2008 12:02 pm at 12:02 pm |
  5. james

    I thought the public was eager to see Pres. Carter leave, but it pales in comparison to what I`m witnessing now. There are sacks of feathers and hot tar pots waiting along the road to Crawford, Tx. ---I wish I could help give him a "warm" welcome.

    November 26, 2008 12:03 pm at 12:03 pm |
  6. Jon

    andrew cerillo, The country is in this state, and all you can talk about are speaking styles??? Give me a break . . . and some substance.

    November 26, 2008 12:05 pm at 12:05 pm |
  7. Yes Obama

    Yes and if McCain won we would be looking at Phil Grahm as Treasury Secretary who gave us the Saving & Loan debacle and the financial mess we are in which had no oversight. Wife on Enron board of directors. The stock market would be down to 5000! Republicans speak the truth not your vitriolic lies and hate and deal with reality!!!!!!!!!!!!!!!!!!! Take the advice of Phil Grahm-"Stop your whining!'. Sore losers what a bunch of pathological liars you Republicans are!

    November 26, 2008 12:05 pm at 12:05 pm |
  8. Ann

    hahaha.. Volcker 81? The change is coming.. Obama needs more baby sitters ..

    November 26, 2008 12:07 pm at 12:07 pm |
  9. Ted

    I wonder when obama will go back to his racist church.

    November 26, 2008 12:10 pm at 12:10 pm |
  10. Michael M. Noonan

    Is it possible to gag on mindless fulsome praise for a nobody?

    November 26, 2008 12:10 pm at 12:10 pm |
  11. Texas Teacher

    Oh, ye of little faith and sore losers..... SERIOUSLY... get over it!

    YOU LOST! 🙂

    Barack Obama with Joe Biden at his side as well as a wonderfully diverse cabinet will heal the nation's woes! And you will have to EAT your words!!!

    November 26, 2008 12:10 pm at 12:10 pm |
  12. Laverne

    To BJ: the difference between Volgar and McCain is McCain did not and does not have any ideas on how to get us out of this mess. At least Volgar has the knowledge and is contributing to a plan. All McCain offered was a bunch of NOTHING!

    November 26, 2008 12:10 pm at 12:10 pm |
  13. FreeNLovIt

    Look in order for Obama to be successful, he needs to be half-a Clinton and half-a Bush. Then he needs to throw in a spice of his own and use his judgement, vision and patience to see America through 8 years of eating NOTHING BUT PEANUTS....

    November 26, 2008 12:11 pm at 12:11 pm |
  14. Peter (CA)

    Ted @ 11:29

    You know it really is a good idea to get your news from someone other than Rush, Hannity, or Glenn Beck.
    The problems are bipartisan but remember who was in charge of everything from 2001-2006. We had an economy built on smoke and mirrors, Bush cut taxes, got us into two wars, and put it all on his credit card. Payment is due. Big surprise that the economy is falling apart. Bush only hoped this happened in 2009 or 2010.

    November 26, 2008 12:13 pm at 12:13 pm |
  15. FreeNLovIt

    He needs to speak softly like Clinton and carry a BIG NO-NONSENSE stick like Bush and then use his judgment, vision and patience to determine his actions, once he analyzed everything. Go Obama!!!

    November 26, 2008 12:13 pm at 12:13 pm |
  16. Seriously?

    Fred in Sc,

    Why do you say he is shady? What has he done thus far that would put him in that category?

    November 26, 2008 12:14 pm at 12:14 pm |
  17. FreeNLovIt

    To Ann

    At least he's not brain dead and this is VERY important. One thing for sure, he doesnt have any major senior moments like McCain. He's not missing in action like W 🙂

    November 26, 2008 12:15 pm at 12:15 pm |
  18. nate

    Give thanks for President Obama! This is as good as it gets folks.

    November 26, 2008 12:16 pm at 12:16 pm |
  19. SJC

    To Juan M,

    You said:

    "OMG…a reporter was rude to the messiah?"

    You have to laugh at knee jerk conservatives who mock Obama and call him the Messiah. There isn't one right conservative who doesn't worship Lord Reagan and genuflect at the mention of his name. The cult like mentality of conservatives has made it blasphemous to denegrate the name of Ronald Reagan who may have been the laziest and shallowest president we had until we were "blessed" with George W. Bush.

    November 26, 2008 12:16 pm at 12:16 pm |
  20. Alien

    Obama's entire cabinet consists of zionist sympothizers. Your country was and is run by zionist. They have cost us $700B by initiating the war in Iraq. Who do you think will benefit most from the $700B bailout? Take a look at who sits on the boards of the banks getting the bailout money. I can't believe citizens are unconcerned.

    November 26, 2008 12:17 pm at 12:17 pm |
  21. JuanM

    Paul Volcker is a career civil servant and central banker who, among his various positions, served as Under Secretary of the Treasury under Richard Nixon and then president of the New York Federal Reserve Bank. Just another Washington insider-business as usual.
    Volker was appointed by Carter in 1979 and is responsible for the devastating interest rates. Some of you that get their information from sources besides John Stewart, might know that interest rates for a new homes was about 17%. Volker tried to fight inflation but instead caused more pain.

    More of the same.

    November 26, 2008 12:20 pm at 12:20 pm |
  22. Chris

    This is for all of you who are criticizing Obama for taking action before is even sworn in.

    Here is is what our current President bush (little b) is doing:


    November 26, 2008 12:20 pm at 12:20 pm |
  23. TrueIndependent

    One of traits of successful leaders is that they are long-term strategists. The difference between all the other Presidential candidates and P-E Obama is that he is a disciplined strategic thinker- the others were undisciplined tacticians.

    Amazing how Republicans here are pretending to be Democrats. You can tell who they are because they are the ones saying "this is not change we voted for." We know you did not vote for Obama.

    Who would you have him surround himself with, Joe the Plumber who is not even a qualified plumber?

    Get real – Change is in the policy – it does not matter who he uses to achieve it, as long as the goal is ultimately achieved. Surely, that is more important than all this small minded bickering!

    November 26, 2008 12:21 pm at 12:21 pm |
  24. JuanM


    If you've read any of my previous posts you will see that I laugh at both Dems and Repubs. You people have all been fooled by this two party system. There is really nothing different between these two parties. They both trample on our constitution. I'm sorry you are a Kool-aide drinker.

    November 26, 2008 12:22 pm at 12:22 pm |
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