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Changes for White House economic advisers

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Changes for White House economic advisers

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There is to be a shake up in the team of experts advising the White House on economic matters.

Media reports say the former Federal Reserve Chairman Paul Volcker plans to step down, though the 83-year-old may continue to counsel President Obama on an informal basis.

Larry Summers will also end his stint as chairman of the National Council of Economic Advisers; the most likely replacement is Gene Sperling, an aide to Treasury Secretary Tim Geithner.

Volcker became a legendary figure on Wall Street when as Fed chief he broke the back of double-digit US inflation in the early 1980s by sharply raising interest rates.

He began advising Obama during his 2008 presidential campaign and has wielded clout on issues ranging from financial regulation to fiscal policy.