Volcker to Join White House Exodus

Economic titan leaves mixed legacy, will continue to advise
By Polly Davis Doig,  Newser Staff
Posted Jan 6, 2011 7:01 AM CST
Former Federal Reserve Chairman Paul Volcker listens to a question during a press conference in Seoul, South Korea, Friday, Nov. 5, 2010.   (AP Photo/Ahn Young-joon)
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(Newser) – Economic heavyweight Paul Volcker is adding his name to the list of advisers leaving the White House this month, reports Reuters. The 83-year-old architect of the Volcker Rule will no longer head up the President's Economic Recovery Advisory Board , but has indicated that he'll continue to advise President Obama as needed. An announcement is expected tomorrow, as Obama finalizes staff changes.

Volcker's legacy is mixed: Hailed as an economic genius for turning the US economy around in the early '80s, one expert hails him as a "voice of reason" in the current quagmire. But for Charles Gasparino, writing for the Daily Beast, the swansong besmirched the legacy: "The great Paul Volcker spent his last days in public service putting his name to a watered-down rule that wouldn’t have prevented the financial collapse of 2008 and won’t prevent one in the future," he grouses.

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