WASHINGTON -- Former Federal Reserve Chairman Paul Volcker willlead a panel of business and economic advisers who will giveregular advice to the new administration, President-elect BarackObama announced today.
Volcker will chair the Economic Advisory Board which will meetregularly for at least the first two years of Obama's presidency.The other panel members will be named later. University of Chicagoeconomist Austan Goolsbee, who has been named a member of theCouncil of Economic Advisers, will be the board's executivedirector.
Volcker chaired the Fed from 1979-1987 and he tamed inflationwith high interest rates, which triggered a recession in the shortterm but paved the way for the economic recovery.
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