Via MarketWatch:

Reiterating that the United States is facing an historic economic crisis, President-elect Barack Obama tapped former Federal Reserve Chairman Paul Volcker to run a new White House advisory board tasked with offering independent advice about how to stage an economic recovery.

“Paul has been by my side throughout this campaign, providing a deep understanding of financial markets, extensive experience managing economic crises and keen insight into the global nature of this particular crisis,” Obama said.

The new board, the President’s Economic Recovery Advisory Board, is further evidence that Obama’s top priority will be the economy once he enters office in January. Obama’s economic team, beginning with his selection of Tim Geithner as Treasury Secretary, has taken shape, as a few more positions were filled in the past few days:

Obama tapped Peter Orszag, a Democrat who has headed the Congressional Budget Office for the last two years, to head the powerful White House Office of Management and Budget.

Christina Romer, a University of California at Berkeley economist, was selected to chair the Council of Economic Advisers. He selected Melody Barnes as director of the Domestic Policy Council.