President-elect Barack Obama takes another step toward tackling the ailing U.S. economy on Wednesday as part of an aggressive effort to demonstrate that his administration will face the global financial crisis head-on. In his third news conference this week, Obama will make an "economic announcement" at 10:45 a.m. EST/1545 GMT, his transition office said, following a similar event on Tuesday, when he presented his picks to head the White House budget office. The Wall Street Journal reported Obama would name Former Federal Reserve Chairman Paul Volcker to chair a new economic advisory panel designed to stabilize financial markets and steer the country out of a recession, according to a report of Reuters. Quoting Democratic officials, the newspaper reported on its Web site that University of Chicago economist and Obama policy adviser Austan Goolsbee would serve as the panel's staff director. It said the board would not supplant the Treasury Department, but give Obama an official forum for getting expert advice outside bureaucratic channels.
