Office of the Press Secretary
For Immediate Release February 6, 2009
Obama Announces Economic Advisory Board
Washington (February 6, 2009) – President Barack Obama today signed an executive order establishing the new Economic Recovery Advisory Board. Modeled on the Foreign Intelligence Advisory Board created by President Dwight D. Eisenhower the Board will provide an independent voice on economic issues and will be charged with offering independent advice to the President as he formulates and implements his plans for economic recovery.
The Economic Recovery Advisory Board will provide regular briefings to the President, Vice President and their economic team. The Board will be established initially for a two-year term, after which the President will make a determination on whether to extend the work of the Board.
Members of the Board are distinguished citizens outside the government who are qualified on the basis of achievement, experience, independence, and integrity. The Board will bring a diverse set of perspectives and voices from different parts of the country and different sectors of the economy to bear in the formulation and evaluation of economic policy.
The Board will meet regularly and provide advice directly to the President on the programs to jump-start economic growth and facilitate economic stability. The Board will also focus on how the response to the short-run economic crisis is laying the groundwork for the reforms necessary for longer-run prosperity.
Paul Volcker will serve as Chairman and Austan Goolsbee as Staff Director and Chief Economist.
Members of the Board include:
William H. Donaldson, Chairman, SEC (2003-2005)
Roger W. Ferguson, Jr., President & CEO, TIAA-CREF
Robert Wolf, Chairman & CEO, UBS Group Americas
David F. Swensen, CIO, Yale University
Mark T. Gallogly, Founder & Managing Partner, Centerbridge Partners L.P.
Penny Pritzker, Chairman & Founder, Pritzker Realty Group
Jeffrey R. Immelt, CEO, GE
John Doerr, Partner, Kleiner, Perkins, Caufield & Byers
Jim Owens, Chairman and CEO, Caterpillar Inc.
Monica C. Lozano, Publisher & Chief Executive Officer, La Opinion
Charles E. Phillips, Jr., President, Oracle Corporation
Anna Burger, Chair, Change to Win
Richard L. Trumka, Secretary-Treasurer, AFL-CIO
Laura D'Andrea Tyson, Dean, Haas School of Business at the University of California at Berkeley
Martin Feldstein, George F. Baker Professor of Economics, Harvard University