Volcker to step down from White House panel

Former Federal Reserve Chairman Paul Volcker plans to leave his role as head of panel of experts advising President Barack Obama on the economy, sources familiar with the decision said on Wednesday.

The departure of Volcker, 83, as head of the President's Economic Recovery Advisory Board is among a series of changes that have been under review at the White House.

The decision to leave the PERAB was Volcker's. A source close to him said he was ready to continue to advise Obama on an informal basis as often as the president would like.

Volcker, who became a legendary figure on Wall Street after breaking the back of double-digit US inflation during the 1980s, began advising Obama during his 2008 presidential campaign and has had the president's ear on issues ranging from financial regulation to fiscal policy.

He is the author of the "Volcker Rule," a provision in last year's financial reform bill that puts limits on proprietary trading by banks.