President Barack Obama has appointed Jacob Lew director of the Office of Management and Budget, replacing Peter Orszag.
Orszag has designs to join the Council on Foreign Relations.
The current deputy secretary of management and resources at the Department of State, Lew served as OMB director from 1998 to 2001.
“As the budget director who left the next administration a $237 billion surplus when he worked for President Clinton, I have no doubt that Jack has proven himself equal to this extraordinary task,” Obama said in advance of a televised appearance introducing Lew.
Lew’s extensive background in finance drew rave reviews from his new boss.
“If there was a Hall of Fame for budget directors, then Jack Lew would surely own a place,” Obama said. “He has proven himself already.”
Lew’s background includes time spent as a legislative aide and as principal domestic policy adviser to House Speaker Thomas P. O’Neill, Jr.