Modeled on the Foreign Intelligence Advisory Board created by President Dwight D. Eisenhower to provide an independent voice on intelligence issues, President Obama this morning will formally create through executive action his Economic Recovery Advisory Board. Headed by former Fed chair Paul Volcker — and with Republican members that include Martin Feldstein and William Donaldson — the Board will be charged with offering independent advice to the President as he formulates and implements his plans for economic recovery.
PERAB will provide regular briefings to the President, Vice President and their economic team. It 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 — to be announced today — are, in the view of the White House, "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."
1. William H. Donaldson, former Chairman, SEC
2. Roger W. Ferguson, Jr., President & CEO, TIAA-CREF
3. Robert Wolf, Chairman & CEO, UBS Group Americas
4. David F. Swensen, CIO, Yale University
5. Mark T. Gallogly, Founder & Managing Partner, Centerbridge Partners L.P.
6. Penny Pritzker, Chairman & Founder, Pritzker Realty Group
7. John Doerr, Partner, Kleiner, Perkins, Caufield & Byers
8. Jim Owens, Chairman and CEO, Caterpillar Inc.
9. Monica C. Lozano, Publisher & Chief Executive Officer, La Opinion
10. Charles E. Phillips, Jr., President, Oracle Corporation
11. Anna Burger, Secretary-Treasurer, SEIU
12. Richard L. Trumka, Secretary-Treasurer, AFL-CIO
13. Laura D’Andrea Tyson, Dean, Haas School of Business at the University of California at Berkeley
14. Martin Feldstein, George F. Baker Professor of Economics, Harvard University
15. Jeffrey R. Immelt, CEO, GE
As previously announced, the inestimable Austan Goolsbee will serve as the Board’s Staff Director and Chief Economist.
And be sure not to miss the great reporting about tension between Volker and President Obama’s director of the National Economic Council, Larry Summers, from Bloomberg’s Robert Schmidt and Julianna Goldman. They report that Volker blamed Summers for the delay in setting up this board and that "Summers isn’t regularly inviting Volcker to White House meetings and hasn’t shown interest in collaborating on policy or sharing potential solutions to the economic crisis," according to sources familiar with the matter.