President-elect Obama will appoint Paul Volcker to head an advisory board.

President-elect Obama will appoint Paul Volcker to head an advisory board.

President-elect Barack Obama will appoint former Federal Reserve Chairman Paul Volcker on Wednesday to be the chairman of a new White House advisory board tasked with helping to lift the nation from recession and stabilize financial markets, Democratic officials say.

University of Chicago economist Austan Goolsbee, one of Mr. Obama’s longest-serving policy advisers, will serve as the board’s staff director, along with his duties as a member of the White House Council of Economic Advisers. Members of the panel will be drawn from a cross-section of citizens outside the government, chosen for their independence and nonpartisanship.

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Wednesday’s event was more of a surprise, but with it, Mr. Obama has found a place for the former Fed chairman who is largely credited with halting inflation in the early 1980s. Since the financial crisis erupted in September, Mr. Obama has leaned heavily on the 81-year-old Mr. Volcker for advice.

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Advisers familiar with the team selection said Mr. Volcker’s advanced age always made it unlikely he would get the Treasury job, but Mr. Obama wanted him in the White House with Mr. Summers, who, like Mr. Volcker, moved into the center of the Obama policy orbit in recent months.

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