Obama Creates Economic Advisory Panel

President-elect Barack Obama today announced the formation of the President’s Economic Recovery Advisory Board, a panel of experts from outside government that will advise Obama and Vice President-elect Joe Biden in their efforts to steer the economy out of its crisis.

The board will be comprised of experts from business, labor, academia, and other areas, Obama said, naming former Federal Reserve Chairman Paul Volcker to chair the new panel. Austan Goolsbee, an economic adviser to Obama, will serve as the panel’s chief economist, staff director, and liaison to the administration, Obama said.

See below Obama’s full remarks, from a news conference in Chicago this morning:

Good morning.

It has become increasingly clear in recent months that we are facing an economic crisis of historic proportions. At this defining moment for our nation, the old ways of thinking and acting just won