Obama names Volcker to head advisory board

CHICAGO (AP) -- Former Federal Reserve chief Paul Volcker will head an economic panel advising President-elect Barack Obama.

Obama made the announcement in Chicago at a morning news conference.

The panel -- called the President's Economic Recovery Advisory Board -- is intended to help Obama bring stability to the financial markets and create jobs.

It's the third economic staffing announcement in as many days by Obama in an effort to assure financial markets and the American people that he's trying to bring quick relief.

Obama says the board will offer perspective on how Washington policies are affecting Americans and all sectors of the economy. He says the board will report regularly to him as he and his economic team tries to jump-start the economy and ease the financial crisis.

(Copyright 2008 by The Associated Press. All Rights Reserved.)

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