President Barack Obama is bringing in a team of outside advisers to help steer the economy out of a tailspin. Here’s the White House’s statement:

President Barack Obama today signed an executive order establishing the new Economic Recovery Advisory Board. Modeled on the Foreign Intelligence Advisory Board created by President Dwight D. Eisenhower the Board will provide an independent voice on economic issues and will be charged with offering independent advice to the President as he formulates and implements his plans for economic recovery.

The Economic Recovery Advisory Board will provide regular briefings to the President, Vice President and their economic team. The Board 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 are 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.

The Board will meet regularly and provide advice directly to the President on the programs to jump-start economic growth and facilitate economic stability. The Board will also focus on how the response to the short-run economic crisis is laying the groundwork for the reforms necessary for longer-run prosperity.

Paul Volcker will serve as Chairman and Austan Goolsbee as Staff Director and Chief Economist.

Members of the Board include:

William H. Donaldson, Chairman, SEC (2003-2005)

Roger W. Ferguson, Jr., President & CEO, TIAA-CREF

Robert Wolf, Chairman & CEO, UBS Group Americas

David F. Swensen, CIO, Yale University

Mark T. Gallogly, Founder & Managing Partner, Centerbridge Partners L.P.

Penny Pritzker, Chairman & Founder, Pritzker Realty Group

Jeffrey R. Immelt, CEO, GE

John Doerr, Partner, Kleiner, Perkins, Caufield & Byers

Jim Owens, Chairman and CEO, Caterpillar Inc.

Monica C. Lozano, Publisher & Chief Executive Officer, La Opinion

Charles E. Phillips, Jr., President, Oracle Corporation

Anna Burger, Chair, Change to Win

Richard L. Trumka, Secretary-Treasurer, AFL-CIO

Laura D’Andrea Tyson, Dean, Haas School of Business at the University of California at Berkeley

Martin Feldstein, George F. Baker Professor of Economics, Harvard University


White House Calls to Speed the Stimulus Bill Amid Job Losses

Mounting job losses in the U.S. last month reinforce the need for economic stimulus, the White House said Friday.

“If we fail to act, we are likely to lose millions more jobs and the unemployment rate could reach double digits,” Council of Economic Advisers Chairman Christina Romer said in a statement. “Prompt, well-designed fiscal policy is necessary to stop the decline and heal the economy.”

President Barack Obama has intensified his push for lawmakers to quickly wrap up a fiscal stimulus package. At the House Democrats’ retreat in Williamsburg, Va., Thursday night, he praised lawmakers while urging them to work with the Senate to get a bill passed quickly. He also had a sharp comment, apparently aimed at Republicans who want to put more tax cuts into the package now being debated in the Senate. “We can’t embrace the losing formula that says only tax cuts will work for every problem we face; that ignores critical challenges like our addiction to foreign oil, or the soaring cost of health care, or falling schools and crumbling bridges and roads and levees,” he said. “I don’t care whether you’re driving a hybrid or an SUV _ if you’re headed for a cliff, you’ve got to change direction.”


Obama names advisers to help right the economy

President Barack Obama has announced a team of outside economic advisers to help boost an economy in a virtual free fall.