Published February 06, 2009
WASHINGTON -- President Obama has announced a team of outside economic advisers to help boost an economy in a virtual free fall.
The president signed an executive order creating the Economic Recovery Advisory Board, headed by former Federal Reserve Chairman Paul Volcker. He planned to introduce members of the team at a White House ceremony Friday morning.
His announcement came as employers eliminated 598,000 jobs in January, the most since the end of 1974, and the unemployment rate soared to 7.6 percent.
In a statement, the White House said the board will offer independent advice in regular briefings to the president, vice president and their economic team.
The White House said the board's initial focus will be programs to "jump-start economic growth."