Saying the country is embroiled in an "economic crisis of historic proportions," Obama said it is necessary to invite outside voices to help government tackle the situation.
Obama, at his third news conference in as many days in Chicago, said he is trying to bring together "the best economic minds."
Volcker, a former chairman of the Federal Reserve, has "keen insight" and is singularly equipped to attack the situation, Obama said. He said Goolsbee, who will be staff director of the new advisory panel and also a member of the Council of Economic Advisers, is among the most promising economic minds and the person who "most shaped my thinking on economic issues."
Notable deaths of 2014 [PHOTOS]