Reuters: Paul Volcker To Step Down From White House Panel


Volcker was head of the President's Economic Recovery Advisory Board

reuters
Former Federal Reserve Chairman Paul Volcker plans to leave his role as head of a panel of experts advising President Barack Obama on the economy, sources familiar with the decision said on Wednesday.

The departure of Volcker, 83, as head of the President's Economic Recovery Advisory Board is among a series of changes under review at the White House.

The decision to leave the board was Volcker's. A source close to him said he was ready to continue to advise Obama on an informal basis as often as the president would like.

Volcker, who became a legendary figure on Wall Street when as Fed chief he broke the back of double-digit U.S. inflation in the early 1980s by sharply raising interest rates, began advising Obama during his 2008 presidential campaign and has wielded clout on issues ranging from financial regulation to fiscal policy.

The White House declined to comment on Volcker's exit. The formal announcement of Volcker's departure is likely to come on Friday when Obama is expected to make a number of announcements regarding his economic team.