This post has been updated.
President Obama on Monday nominated Jason Furman to chair the Council of Economic Advisers, promoting a longtime White House aide to one of the administration's top economic policy positions.
Furman, who has served as the principal deputy director of the National Economic Council since the beginning of Obama's presidency, will replace Alan Krueger as chairman. Obama announced the transition Monday afternoon at the White House.
Furman advises Obama on a host of economic policy matters and has been a proponent inside the White House of tax reform and more stimulus and infrastructure investment. He was a key architect of many of Obama's domestic policy achievements, from the 2009 stimulus to the 2010 payroll tax cut and 2012 income tax deal to the president's signature healthcare overhaul.
While Furman currently serves as a White House appointee, his new position will require Senate confirmation. The Council of Economic Advisers chairman is a member of the Cabinet who briefs the president on economic data, including the monthly employment reports.
Furman is one of Obama's longest-serving advisers, having joined his 2008 presidential campaign as economic policy director. Before that, he directed the Hamilton Project at the Brookings Institution and served as a visiting scholar or lecturer at Yale University, Columbia University and New York University.
During the Clinton Administration, Furman was a junior economic staffer in the White House and a protege of Treasury Secretary Robert Rubin. Furman also has worked for the Democratic presidential campaigns of John Kerry and Wesley Clark.
In late May, Krueger announced that he would leave the administration to return this fall to Princeton University, where he will again serve as Bendheim professor of economics and public affairs. Krueger served as Council of Economic Advisers chairman for nearly two years and as assistant Treasury secretary for economic policy since early in Obama's first term.
In a statement released last month, Obama called Krueger "one of my most trusted advisers on economic policy and a great friend."