VIDEO: Obama Announces New Chair of Council of Economic Advisers

By Nikki Sutton

This morning, President Obama announced his intention to nominate Alan B. Krueger as a member of the Council of Economic Advisers (CEA). As one of the nation’s leading economists, Dr. Krueger will bring decades of experience, including serving as chief economist at the Treasury Department, and a wealth of knowledge to the challenge of creating jobs and promoting economic growth. Following his confirmation, President Obama will designate Dr. Krueger as Chairman of CEA.

As the President said today, Dr. Krueger will be a strong addition to his economic team as they work tirelessly to accelerate hiring and spur innovation:

“I have nothing but confidence in Alan as he takes on this important role as one of the leaders of my economic team.

I rely on the Council of Economic Advisers to provide unvarnished analysis and recommendations, not based on politics, not based on narrow interests, but based on the best evidence -- based on what’s going to do the most good for the most people in this country.  And that’s more important than ever right now.  We need folks in Washington to make decisions based on what’s best for the country, not what’s best for any political party or special interest.  That’s how we’ll get through this period of economic uncertainty, and that’s the only way that we’ll be able to do what’s necessary to grow the economy.”

On Wednesday August 31st, the President’s Council on Jobs and Competitiveness is holding a Listening and Action Session with local businesses and stakeholders in Portland, Oregon.

Council members will take questions and comments from people around the country submitted on the White House LinkedIn group and whitehouse.gov as part of a discussion about how the public and private sectors can partner to create opportunity and support job creation.

You can also watch the session live at 11:00 a.m. ET/ 8:00 a.m PT on www.whitehouse.gov/live

Finally, don’t miss next week, when the President lays out a series of bi-partisan ideas that Congress can adopt immediately to put more money into the pockets of working and middle-class families, make it easier for small businesses to hire people, and put construction crews to work rebuilding American infrastructure.

Nathan Sheets Announces Retirement

D. Nathan Sheets, director of the Division of International Finance, is stepping down after 18 years of service with the Federal Reserve Board, including nearly 4 years as the director of the division.

In addition to overseeing the operations of the division, he has been responsible for advising the Federal Open Market Committee on economic and financial developments in foreign countries and on the U.S. external sector. Sheets also has regularly represented the Board at international meetings and in its contacts with foreign central banks.

"Nathan has provided invaluable insight and stellar leadership at a time of great volatility in the world economy," said Federal Reserve Chairman Ben S. Bernanke. "We thank him for his dedicated service and wish him well."

Sheets began his career at the Board in 1993 as an economist. He became a section chief within the Division of International Finance in 1999 and was appointed to the official staff in 2001. He was named division director in September 2007. Sheets has also served as a senior adviser to the U.S. executive director at the International Monetary Fund.

Sheets holds a bachelor's degree from Brigham Young University and a PhD in economics from the Massachusetts Institute of Technology.

Steven B. Kamin, currently a deputy director of the International Finance Division, will serve as acting director of the division. Kamin has been responsible for monitoring and analyzing developments in international financial markets and has published research on a range of topics including global finance and monetary policy, capital flows, exchange rates, and current account imbalances. He has also served as a visiting economist at the Bank for International Settlements, a senior economist for international financial affairs at the Council of Economic Advisers, and as a consultant for the World Bank.

Kamin received a PhD in economics from the Massachusetts Institute of Technology.