From Wikipedia, the free encyclopedia
The President's Economic Recovery Advisory
Board (PERAB) is a new panel of
non-governmental experts from business, labor, academia and
elsewhere that President of the United States Barack Obama created
on February 6, 2009. The board will report regularly to Obama and
his economic team on the current economic crisis and possible
responses to it. Obama announced this new board on November 26,
2008, and also announced that it will be chaired by former Federal Reserve Chairman Paul Volcker with
campaign economic adviser Austan Goolsbee as staff director and
chief economist. In March 2007, Goolsbee wrote a New York Times op-ed arguing that
Congress should not tighten regulations to make subprime lending
more difficult. Goolsby said that a mortgage market where "people's
decisions [are] unrestricted by the amount of money they have right
now" is "more perfect, not more irresponsible." 
Notably, defaults in subprime mortgages helped trigger the global
economic crisis of 2008.
The board follows the model of the President's Foreign Intelligence Advisory
Board (PFIAB), which then-President Dwight Eisenhower established in 1956.
Like the PFIAB, the new advisory board is meant to pierce what
Obama called the "insularity" of Washington decision-making
processes. In announcing the new board, Obama commented that “The
walls of the echo chamber can sometimes keep out fresh voices and
new ways of thinking -- and those who serve in Washington don’t
always have a ground-level sense of which programs and policies are
The PERAB is supposed to provide that ground-level sense, and
Obama said that this mission will be reflected in the board's
diverse membership, which will be announced over the next few
Paul Krugman, a Nobel laureate in
economics and a noted progressive columnist, has argued that, given
the centrist makeup of Obama's economic inner circle, the new board
could be used to "give progressive economists a voice." He
mentioned James K. Galbraith, Larry Mishel of
the Economic Policy Institute, Dean Baker, and Jared Bernstein
as progressive economists who might be suitable for the board.
Bernstein, however, was subsequently named to a full-time
administration position as chief economist and economic policy
adviser to Vice President Joe Biden.
According to an Obama transition
press release, "The Board will be established initially for a
two-year term, after which the President will make a determination
on whether to continue its existence based on its continued
Goolsbee, the board's Chief Economist, made an appearance on The Daily Show
with Jon Stewart on August 19, 2009 
According to a March 25, 2009 press briefing by OMB Director Peter
Orszag, the administration has charged PERAB with proposing
approaches to three budget related tasks: simplifying taxation,
closing tax loopholes and reducing tax evasion, and reducing
The President and Mr. Volcker announced the board's membership
on February 6, 2009. Members
- Jeffrey Immelt, General Electric chief executive
- James W.
Owens, head of Caterpillar
- Robert Wolf, chairman and CEO of UBS Group
founder and managing partner at Centerbridge Partners L.P.
Pritzker, chair and founder of Pritzker Realty Group and Classic Residence by
- John Doerr,
partner at Kleiner, Perkins, Caufield & Byers
- Monica C.
Director of Bank
- Charles E. Phillips,
Jr., president of Oracle Corporation.
- Richard L.
Trumka, president of the AFL-CIO
Goolsbee, PERAB Staff Director and Chief Economist
- William H. Donaldson, former Securities and Exchange Commission
- Laura D'Andrea Tyson, Member
Feldstein, former chief economic advisor to President Ronald Reagan,
- Roger W. Ferguson, Jr.,
- David F.
Swensen, CIO at Yale University
- ^ Goolsbee, Austan (29 March 2007). "‘Irresponsible’ Mortgages
Have Opened Doors to Many of the Excluded" (Article).
Business: Economic Sense (The New York Times). http://nytimes.com/2007/03/29/business/29scene.html. Retrieved November 30,
- ^ Weisman, Jonathan (26 November 2008). "Volcker Tapped for Advisory
Role" (Article). U.S. Politics (The
Wall Street Journal). http://online.wsj.com/article/SB122767048323359165.html. Retrieved November 26,
- ^ Chipman, Kim; Dodge, Catherine (26 November
2008). "Obama Names Volcker to Head
Panel on Reviving Economy" (Article). Worldwide: News
(Bloomberg). http://www.bloomberg.com/apps/news?pid=20601087&sid=aseCcnKEO7is. Retrieved November 26,
- ^ Krugman, Paul (26 November 2008). "About that advisory
board" (Blog). The Conscience of a Liberal (The New York
Times). http://krugman.blogs.nytimes.com/2008/11/26/about-that-advisory-board/. Retrieved November 26,
Vice President-Elect Biden
Announces Chief Economist
- ^ change.gov (26 November 2008). "President-elect Barack Obama
establishes President’s Economic Recovery Advisory Board"
(Press release). Newsroom. http://change.gov/newsroom/entry/president_elect_barack_obama_establishes_presidents_economic_recovery_advis/. Retrieved November 30,
Gooslbee Daily Show
Transcript from Conference
Call with Peter Orszag March 25, 2009. Accessed March 25,
Press Release," Whitehouse.gov, 6
Gallogly profile Business Week
profile. Previously of Blackstone Group. Retrieved
profile Business Week company profile.
Muckety profile/linkages, including directorships at The
Walt Disney Company, "Bank of America". Retrieved
White House Names Board of
Outside Economic Experts Irwin, Neil and Michael D. Shear.
Washington Post. February 9,
- Video of PERAB
- Contact information:
PERAB@do.treas.gov; or Send paper statements in triplicate to
Emanuel Pleitez Designated Federal Officer, President’s Economic
Recovery Advisory Board, Office of the Under Secretary for Domestic
Finance, Room 1325A, Department of the Treasury, 1500 Pennsylvania
Avenue, NW, Washington, DC 20220