Remarks of President-Elect Barack Obama
Economic
Recovery Advisory Board
November
26, 2008
Chicago,
Illinois
Good morning.
It has become increasingly clear in recent months that we are facing an
economic crisis of historic proportions. At this defining moment
for our nation, the old ways of thinking and acting just won’t
do. We are called to seek fresh thinking and bold new ideas from
the leading minds across America. And as we chart a course to
economic recovery, we must ensure that our government – your government
– is held accountable for delivering results.
Today, I’m pleased to announce the formation of a new institution to
help our economic team accomplish these goals: the President’s Economic
Recovery Advisory Board. This Board is modeled on the President’s
Foreign Intelligence Advisory Board created by President Eisenhower to
provide rigorous analysis and vigorous oversight of our intelligence
community by individuals outside of government – individuals who would
be candid and unsparing in their assessment. This new board will
perform a similar function for my Administration as we formulate our
economic policy.
The Board will be composed of distinguished individuals from diverse
backgrounds outside of government – from business, labor, academia and
other areas – who will bring to bear their wisdom and expertise on the
formulation, implementation and evaluation of my Administration’s
economic recovery plan. The Board will report regularly to me,
Vice President-Elect Biden and our economic team as we seek to
jump-start economic growth, create jobs, raise wages, address our
housing crisis and stabilize our financial markets.
The reality is that sometimes policymaking in Washington can become too
insular. The walls of the echo chamber can sometimes keep out
fresh voices and new ways of thinking – and those who serve in
Washington don’t always have a ground-level sense of which programs and
policies are working for people, and which aren’t. This board
will provide that perspective to me and my Administration, with an
infusion of ideas from across the country and from all sectors of our
economy – input that will be informed by members’ first-hand
observations of how our efforts are impacting the daily lives of our
families.
I’m pleased to announce that this Board will be chaired by one of the
world’s foremost economic policy experts, a former Chairman of the
Federal Reserve, and one of my most trusted advisors, Paul
Volcker.
Paul has been by my side throughout this campaign, providing a deep
understanding of financial markets, extensive experience managing
economic crises, and keen insight into the global nature of this
particular crisis. Paul has served under both Republicans and
Democrats and is held in the highest esteem for his sound and
independent judgment. He has a long and distinguished record of
service to our nation, and I am pleased that he has answered the call
to serve once again.
I am also happy to announce that Austan Goolsbee, another one of
my key economic advisors, has agreed to serve as Staff Director and
Chief Economist of the Economic Recovery Advisory Board and act as the
primary liaison between the Board and the Administration. I also
plan to nominate Austan to serve as one of the three members of my
Council of Economic Advisers.
Austan is one of America’s most promising economic minds, known for his
path-breaking work on tax policy and industrial organization. He
is one of the economic thinkers who has most shaped my own thinking on
economic matters, and I look forward to continuing our close
collaboration in the White House.
I plan to announce the remaining members of the Economic Recovery
Advisory Board in the coming weeks, and I look forward to their
contributions to our urgent work to rebuild our economy and restore
prosperity across America.
Thank you, and I’m now happy to take questions.
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