President-elect Barack Obama will name former Treasury Secretary Lawrence Summers the director of his National Economic Council, placing the Harvard University economist he passed over for Treasury secretary inside the White House as his closest economic adviser, Democratic officials said Saturday night.

Presumed Democratic presidential candidate Sen. Barack Obama (D-IL) (R) greets former Treasury Secretary Larry Summers and others during a meeting with some of his top economic advisors at the Omni Shoreham hotel July 28, 2008 in Washington, DC. Obama called the two-hour meeting to discuss the current economic situation in the United States, including high gasoline prices and the collapse of the mortgage market.
Abolish The Federal Reserve: Lawrence Summers to Head National Economic Council

I love the fact that Obama put Volker in charge of the Economic Recovery Council (ERC). Volker made the tough decisions back in the late 70's to get inflation under control, eventually leading to long prosperity in the US.