Volcker Will Head Emergency Board
Posted in Main Blog (All Posts) on November 27th, 2008 5:38 am by HL
Volcker Will Head Emergency Board
President-elect Obama “will appoint former Federal Reserve Chairman Paul Volcker on Wednesday to be the chairman of a new White House advisory board tasked with helping to lift the nation from recession and stabilize financial markets,” according to the Wall Street Journal.
“The panel, called the President’s Economic Recovery Advisory Board, is modeled on the Foreign Intelligence Advisory Board established by then-President Dwight Eisenhower in 1956, at the height of the Cold War, when officials worried that that the existing bureaucratic structure was inadequate to help the U.S. keep pace with the Soviet threat. The financial crisis has drawn similar worries that the government isn’t properly organized to monitor and respond to modern financial markets.”
In addition, Austan Goolsbee, one of Obama’s longest-serving policy advisers, “will serve as the board’s staff director, along with his duties as a member of the White House Council of Economic Advisers.”
