The President announced today his intention to form the President's Economic Policy Advisory Board. The Board will be composed of economic experts from outside the Government and will meet every 3 or 4 months to advise the President with respect to the conduct and objectives of both domestic and international economic policy of the United States. The Board will work with Secretary of the Treasury Donald Regan, who will have principal responsibility for economic policy in the administration.

The members of the Board will be:

Arthur F. Burns, former Chairman of the Federal Reserve System, Counsellor to President Nixon, and Chairman of the Council of Economic Advisers under President Eisenhower.

Milton Friedman, senior research fellow, the Hoover Institution, and Nobel Laureate in economics.

Alan Greenspan, president, Townsend-Greenspan & Co., Inc., and former Chairman of the Council of Economic Advisers under President Ford.

Arthur Laffer, Charles B. Thornton Professor of Business Economics, University of Southern California; president, A. B. Laffer Associates.

James T. Lynn, managing partner, Jones, Day, Reavis, and Pogue; former Director, Office of Management and Budget; and former Secretary of Housing and Urban Development.

Paul McCracken, Edmund Ezra Day University Professor of Business Administration at the University of Michigan; former Chairman of the Council of Economic Advisers under President Nixon.

George Shultz, president, Bechtel Group, Inc.; former Secretary of the Treasury, Secretary of Labor, and Director of the Office of Management and Budget.

William E. Simon, former Secretary of the Treasury.

Thomas Sowell, senior fellow, the Hoover Institution.

Herbert Stein, senior fellow, American Enterprise Institute; former Chairman of the Council of Economic Advisers under President Nixon.

Charls E. Walker, chairman, Charls E. Walker Associates, Inc.; former Deputy Secretary of the Treasury.

Walter B. Wriston, chairman, Citibank/Citicorp.

George Shultz will serve as Chairman of the Board. Martin Anderson, Assistant to the President for Policy Development, will serve as Secretary to the Board.

The President stated: ``I am grateful that this distinguished group of economists has volunteered to help monitor the progress of the economic policies we will be implementing to restore the vitality of the American economy. With their help, we will be better able to keep on course the efforts needed to reinvigorate production, spur growth and investment, stabilize prices, and create jobs.''