Former Federal Reserve Chairman Paul Volcker will head a new advisory panel to President-elect Barack ObamaBarack Hussein ObamaThe Memo: Biden seeks revival in South Carolina The Hill's Campaign Report: Sanders top target at CPAC Obama warns against 'unauthorized use' of his image to mislead voters in cease-and-desist letter MORE that will help stabilize the financial markets and lead the U.S. out of recession, the Wall Street Journal reported Wednesday.

Volcker, who had been rumored as a potential pick for Treasury Secretary before Obama chose Timothy Geithner, will head the panel, meant to garner outside input on economic issues and advise the administration.

The panel is modeled on a Cold War-era panel established by President Dwight Eisenhower,