( CNN ) -- President Obama said Wednesday the United States must take the lead on energy , citing the `` enormous job creation potential that exists . '' President Obama holds talks with members of the Economic Recovery Advisory Board on Wednesday . Obama 's remarks came at the end of his first quarterly meeting with the Economic Recovery Advisory Board , which was created in February to provide the administration with independent , nonpartisan advice on how to promote economic growth and stability . The focus of Wednesday 's meeting , which was streamed live on the White House Web site , was job creation and green energy . Obama told the board members he 's seen `` some return to normalcy '' in parts of the financial markets . Watch Obama describe the 'progress ' he sees » . `` But obviously , one of the things I 've been concerned about since I took office is looking beyond the immediate crisis in front of us to find out what is a sustainable economic model , post bubble and bust , '' he said . `` How do we create sound fundamentals on issues like education , on health care and ... energy , as well as all the innovation that 's required around these various areas , so that moving forward , we do n't find ourselves in an unsustainable economic model ? '' he asked . Paul Volcker , who chairs the board , said as the panel discusses investments , they ca n't forget the risks of inaction . `` There is n't enough emphasis , it seems to me , on the cost of what happens if we do n't do anything , '' said Volcker , who served as the chairman of the Federal Reserve during the Carter and Reagan administrations . Obama said the steps taken around energy this week have been `` promising . '' The president on Tuesday announced new fuel economy rules , including a requirement for passenger cars and light trucks to get an overall average of 35.5 miles per gallon by 2016 . Obama and the board spent about an hour discussing the immediate opportunities and challenges for green energy . Panel members expressed concerned that the United States is behind other countries in controlling carbon emissions . `` We think it 's very important to act now , '' said John Doerr , a partner with Kleiner , Perkins , Caufield & Byers . `` If we act now , and send very clear signals to our business community and the nation . '' Doerr said he thinks `` putting a price on carbon '' is the most important thing they can do , but he said it 's not the only policy that can be adopted . He also stressed the importance of research and development funding . Obama has been pushing Congress to move ahead with legislation that places a market-based cap on carbon pollution . Board member Jeffrey R. Immelt , the chairman and CEO of GE , called clean energy `` the most exciting , fastest growth industry of the 21st century . '' He said his company 's 70 energy-efficiency products are generating $ 18 billion in revenue and accounting for 50,000 jobs between GE and its suppliers . `` Technology is out there to be had . I think we have to have a broad aspiration to lead in technology , '' Immelt said . Richard Trumka , the secretary-treasurer of the AFL-CIO , said he sees clean energy as a `` tremendous potential for us to lead '' and an opportunity for solid , middle-class jobs . Trumka expressed concern , however , that the tax code and various trade agreements the administration was looking at could put them at a disadvantage in the global market . But overall , he said , he sees green energy as a `` win , win , win '' for the country . The advisory board has been established for a two-year term , after which Obama will determine whether it is still needed . It is modeled on the Foreign Intelligence Advisory Board , created during the Eisenhower administration to provide the president independent advice on global affairs . Austan Goolsbee , a University of Chicago economist , serves as the board 's staff director and chief economist . He also served as an economic adviser for Obama 's presidential campaign . The other board members are : . • William H. Donaldson , chairman of the Securities and Exchange Commission . • Roger W. Ferguson Jr. , president & CEO of TIAA-CREF . • Robert Wolf , chairman and CEO of UBS Group Americas . • David F. Swensen , CIO of Yale University . • Mark T. Gallogly , founder and managing partner of Centerbridge Partners L.P. • Penny Pritzker , chairman and founder of Pritzker Realty Group . • Jim Owens , chairman and CEO of Caterpillar Inc. • Monica C. Lozano , publisher and CEO of La Opinion . • Charles E. Phillips Jr. , president of Oracle Corporation . • Anna Burger , secretary-treasurer of the Service Employees International Union . • Laura D'Andrea Tyson , dean of the Haas School of Business at the University of California at Berkeley . • Martin Feldstein , George F. Baker professor of economics at Harvard University . CNN 's Kristi Keck contributed to this report .
Obama meets with economic board to discuss green energy , job creation . Board member Paul Volcker says one can not take the risk of inaction . Obama says he sees ` ` some return to prosperity '' in terms of financial markets . Board members discuss sustainability , opportunities for a green energy economy .