[cnn-photo-caption image= http://i2.cdn.turner.com/cnn/2008/images/11/26/art.volcker1.gi.jpg caption="Volcker will head a new Obama economic team."](CNN) - Former Federal Reserve Chairman Paul Volcker will head a new Obama administration economic advisory team, two sources close to the transition confirm.
Obama senior advisor Austan Goolsbee will be the chief economist on board. The group is expected to exist for two years, but could be extended beyond that point. The 8-16 people involved will meet roughly once a month.