President Obama to tap Jacob Lew to replace Peter Orszag as OMB chief

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http://www.washingtonpost.com/wp-dyn/content/article/2010/07/13/AR2010071302611.html?hpid=topnews

President Obama will announce Jacob Lew as his new director of the Office of Management and Budget at noon, administration officials said.

In tapping Lew to replace outgoing OMB director Peter Orszag, Obama is moving an important adviser to Secretary of State Hillary Clinton into his former role. Lew was OMB director from 1998 to 2001. He is currently serving as deputy secretary of management and resources at the State Department.

Lew was executive vice president of New York University from 2001-2006, then worked first for Citi Global Wealth Management, then for Citi Alternative Investments before joining the State Department last year.

Obama said in a statement, "The experience and good judgment Jack has acquired throughout his impressive career in the public and private sector will be an extraordinary asset to this administration's efforts to cut down the deficit and put our nation back on a fiscally responsible path."