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Obama says Paul Volcker stepping down as adviser

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Former U.S. Federal Reserve Chairman Paul Volcker attends a news conference in Seoul November 5, 2010. REUTERS/Truth Leem

Former U.S. Federal Reserve Chairman Paul Volcker attends a news conference in Seoul November 5, 2010.

Credit: Reuters/Truth Leem

WASHINGTON | Fri Jan 21, 2011 12:18am EST

WASHINGTON (Reuters) - President Barack Obama announced Thursday that former Federal Reserve Chairman Paul Volcker was stepping down from his role as head of an outside panel advising the White House on economic policy.

"From his bold vision around how to reform our financial system to his thoughtful insight on how to make our economy work for working families again, Paul brought his brilliance and vast experience to bear on a host of difficult challenges," Obama said in a statement.

"I will always be grateful to Paul Volcker for his service as the head of my Economic Recovery Advisory Board," Obama said.

Reuters reported earlier this month that Volcker intended to leave the advisory board.

The White House order creating the panel expires on February 6 and sources said Obama plans to reconfigure it to focus more on business outreach.

General Electric Co. chief executive Jeffrey Immelt is seen as top candidate to head the new board.

(Reporting by Caren Bohan; Editing by Doina Chiacu)
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Comments (3)
Paul_Bogdanich wrote:
Yes, the last Obama advisor who was not a bank representative or totaly in the banker’s pockets is leaving. I wish I could say that this surprises me but it does not. The only relevant question at this point is time to failure. The bankers do not accept that there are two economies in the United States and that what is good for the banks is not good for the hundreds of millions in the second tier economy. Inevitably then, as they pursue policies that benefit the top tier the bottom tier inches closer to disaster.

Jan 20, 2011 11:52pm EST  --  Report as abuse
Sinbad1 wrote:
Mr Volcker was never really a friend of the big banks and would probably be at odds with the bankers friends in the administration. He wanted to reduce the tax deduction on business borrowing to increase equity in US business. The cost to the banks would have been huge so he would not have been liked. He once said the most innovative thing bankers have ever done was the ATM.
I am pretty sure he will be remembered long after his colleagues have disappeared into obscurity.

Jan 21, 2011 12:02am EST  --  Report as abuse
Woltmann wrote:
So much for bank reform. Watch Obama/Geithner crumble ..

Jan 21, 2011 11:13am EST  --  Report as abuse
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