United States president-elect Barack Obama on Wednesday named former Federal Reserve chairperson Paul Volcker as chair of a new panel that will advise him on stabilising financial markets and averting a painful recession.
”At this defining moment for our nation, the old ways of thinking and acting just won’t do. They call for us to seek fresh thinking and bold new ideas from the leading minds across America,” Obama said in prepared remarks unveiling the new President’s Economic Recovery Advisory Board.
”Today [Wednesday] I’m pleased to announce the formation of a new institution to help our economic team accomplish these goals,” he said.
The new board is modelled on an advisory panel that gives the president non-partisan advice on national security matters, Obama said.
Volcker (81) has been an important economic adviser to Obama on economic issues.
The move is another step toward tackling the problems ailing the US economy and is part of an aggressive effort by Obama to demonstrate that his administration will face the global financial crisis head-on when he takes office on January 20.
In news conferences on Monday and Tuesday, Obama outlined plans for a massive stimulus package and unveiled other members of his economic team, including New York Federal Reserve president Tim Geithner to be his Treasury secretary. — Reuters