US president Barack Obama has announced a team of outside economic advisers to help boost an economy in a virtual free fall. The president signed an executive order creating the Economic Recovery Advisory Board,headed by former Federal Reserve chairman Paul Volcker. He planned to introduce members of the team at a White House ceremony on Friday morning.
His announcement came as employers eliminated 598,000 jobs in January,the most since the end of 1974,and the unemployment rate soared to 7.6 per cent
According to the White House,the members will include Robert Wolf,chairman and chief executive of UBS Group Americas,and Jim Owens,chairman and chief executive of Caterpillar,and labor leaders such as Anna Burger,secretary-treasurer of the Service Employees International Union.
Penny Pritzker,chairman and founder of Pritzker Realty Group who was also the finance chair of Obamas presidential campaign,will sit on the board as will Laura DAndrea Tyson,a former Clinton administration economist now at the University of California,Berkeley.