Volcker to Chair an Economic Recovery Advisory Group

Former Fed chief Paul Volcker will run a new non-partisan White House economic advisory board being crafted by president-elect Barack Obama, reports the Wall Street Journal. The group, to be comprised of independent experts, will give Obama a channel of economic advice that falls outside Washington's traditional bureaucracy.

The board's role will be to focus on programs designed to jump-start the economy and resolve the housing crisis. It will also be involved in beefing up oversight of the financial markets in the wake of the Wall Street collapse. Volcker has long been a confidant of the president-elect, and is seen as someone who will balance the influence of Lawrence Summers, another close Obama adviser.
(More financial crisis stories.)