US President Barack Obama named long-time
economic advisor Jason Furman to serve as chairman of his Council of
Economic Advisers on Monday.
"Over the last five years I've come to trust not only his head but also his heart, because Jason never forgets who it is that we're fighting for: middle-class families, folks who are working hard to climb their way into the middle class, the next generation," Obama said.
Furman is to replace Alan Krueger, who will return as a professor to Princeton University.
The council advises the president on the formulation of domestic and international economic policy and briefs him on economic data, and its chairman serves as a member of Obama's cabinet. The post requires confirmation by the Senate.
Furman, a proponent of fiscal stimulus, has advised Obama since his 2008 presidential campaign. Obama praised him for his work on "averting a second Depression" and pushing for tax cuts and incentives for businesses to boost hiring.
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