OBAMA TEAM announcement

President-elect Barack Obama is expected to name former Federal Reserve Chairman Paul Volcker as the head of a new economic recovery board Wednesday, several media outlets are reporting. Volcker, who served as Fed Chairman through 1979 - 1987, received praise for the unpopular decision to ratchet up the Federal Funds rate to combat inflation.

Under Volcker, inflation peaked at 13.5 percent in 1981. Volcker hiked up the federal funds rate, sending the economy into a recession with unemployment rates at their highest since the Great Depression.

President-elect Barack Obama is expected to name former Federal Reserve Chairman Paul Volcker as the head of a new economic recovery board Wednesday, several media outlets are reporting. Volcker, who served as Fed Chairman through 1979 - 1987, received praise for the unpopular decision to ratchet up the Federal Funds rate to combat inflation.

Under Volcker, inflation peaked at 13.5 percent in 1981. Volcker hiked up the federal funds rate, sending the economy into a recession with unemployment rates at their highest since the Great Depression.