Former Federal Reserve Chairman Paul Volcker is stepping down as chairman of the President’s Economic Recovery Advisory Board, Reuters reported late Thursday.

“From his bold vision around how to reform our financial system to his thoughtful insight on how to make our economy work for working families again, Paul brought his brilliance and vast experience to bear on a host of difficult challenges,” President Barack Obama said in a statement Thursday evening.

“I will always be grateful to Paul Volcker for his service as the head of my Economic Recovery Advisory Board,” Obama added.

As president-elect, Obama chose Volcker to lead the advisory board in November 2008. The board was established to offer independent, nonpartisan advice to Obama on strengthening the nation’s economy.

Volcker served two terms as chairman of the Federal Reserve, from 1979 to 1987.