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.

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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.

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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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"The walls of the echo chamber can sometimes keep out freshvoices and new ways of thinking - and those who serve in Washingtondon't always have a ground-level sense of which programs andpolicies are working for people, and which aren't. This board willprovide that perspective to me and my Administration, with aninfusion of ideas from across the country and from all sectors ofour economy - input that will be informed by members' first-handobservations of how our efforts are impacting the daily lives ofour families,'' Obama said at news conference in Chicago.

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