Paul Volcker to Economic Recovery Board

[tekisui]

CNN) -- President-elect Barack Obama on Wednesday will announce that Paul Volcker will head a new economic recovery board, two sources close to the transition team tell CNN.

President-elect Barack Obama will hold his third news conference of the week on Wednesday.

Volcker served as the chairman of the Federal Reserve from 1979 through 1987, serving under Presidents Carter and Reagan.

Following his tenure there, he worked in the private sector as an investment banker until 1996. Volcker also headed the investigation into the United Nations' oil-for-food program for Iraq.

The new board will advise Obama on how to revive the ailing economy. The president-elect will provide more details about it on Wednesday, in his third news conference in as many days.

Obama pledged Tuesday to go through the federal budget "page by page, line by line" to eliminate excessive spending and get the economy back on track.

"If we are going to make the investments we need, we also have to be willing to shed the spending that we don't need," Obama said at a news conference in Chicago, Illinois.

more: http://www.cnn.com/2008/POLITICS/11/26/transition.wrap/

[Zynx]

1. Damn fine man. Best Fed chief ever.