Transcript for Obama Nominates Jason Furman to Be Economic Advisor
This is a special report from ABC. A Democrat Claire New York with an ABC news digital special report president Obama's name in -- chairman who has counseled economic advisors -- is so let's listen act. We're producing more of our own energy consuming less. That we import from other countries are deficits are shrinking rapidly the cost of health care. Is slowing. The housing market is rebounding. People's retirement savings are growing. The wealth that was lost from that recession. Has now been recovered. All of this progress is testament to the -- result the American people most of all but it's also due in. Some. Measurable way to. The incredible dedication of men and women who helped engineer America's response. And two of those people are standing next. Two very Smart economists. Alan Krueger and Jayson for. Today I can announce that -- is heading back to teach. His beloved students at -- Salma mater Princeton University. When they get together. All they can talk about -- is Princeton and they're all very proud of those -- and go to Princeton have to put up what. And I'm proud to say that Jason Furman -- agreed just replace Allen as the chairman of my council of economic advisors. During the crisis Allen stepped. Initially to help engineer -- response as assistant secretary and chief economist at the Treasury Department. He was so good that we -- had to beg him to come back. Extend his war to serve as the chairman of my. Council of economic advisors where he's been the driving force between actions that we've taken to help restart the flow of lending to small businesses and create new jobs. And -- workers with the skills they need to fill them. To reduce income inequality. To rebuild our. Aging infrastructure and to bring down our deficits and responsible way. And and balance driven by basic bargain of the heart of our the idea that art work should be rewarded. He's motivated by the principle that no one who works full time in the greatest nation on earth. Should have to raise their families in poverty or below problems. His commitment to -- rising thriving middle class shines through and is often. Passionate presentations. And at least for an economist at their -- And in the -- is -- bush. And I know this'll continue to be focus of his research. Balance wife. And and and and son. Are here today and I know that. They're all looking forward to having. Alan back. And now that alum has some free time he can return to another burning passion of his. Rock economics. The economics of rock and roll this is something that -- actually cares about seriously on Wednesday. Is giving a speech at the rock and roll hall of fame. He's got a T shirt under his soon. But the Victor -- -- -- Style it's become -- my. Most trusted advisors he's become wonderful friend. I'm sad to see -- go. But I know that he will continue to do outstanding work unfortunately. He'll still be available for us to consult with him periodically. Because he's a constant font of have good ideas about how we can further help the American people so speculative. More. I'm also proud to nominate another outstanding economists take -- place. Jason Furman is one of the most -- an economic minds of his generation. Don't take my word for -- can talked. Other economists and -- more than I do about. He's won the respect and admiration. From his peers across the political spectrum. His Ph.D. Thesis advisor Greg -- -- chair of the council of economic advisors under George W. Bush. Nobel Prize winner Joseph stiglitz on the other side of the economic spectrum hired Jason to work for this CA under President Clinton. After lead leaving president Clinton's White House Jason finished -- Ph.D. in economics. Quickly acquired a reputation as a world class scholar and researcher. But public service kept calling and Jason's kept answering that call because he believes deeply. So from working the World Bank on issues of inequality in international finance to developing new proposals to strengthen our health and retirement programs. He helped to shape some are most important economic policy debates and when I asked to join my team in 2008. Even though his baby daughter that's right -- reviewers. -- -- -- Had just been more. He agreed to to serve once again. And over the last five years I've come to trust not only -- -- but also start because Jason never forgets who does that work fighting for. Middle class families folks were working hard to climb their way into the middle class. The next generation. And when the stakes are highest there's no one I'd rather turn to four straight forward unvarnished advice that helps me do my job. He understands all sides of an argument. Not just one side of it. He's worked tirelessly on just about every major economic challenge of the past -- half years from averting a second depression to fighting for tax cuts -- help. Millions of working families make ends meet to creating new incentives for businesses to hire to reducing our deficits -- a balanced way that benefits the middle class. And so -- Jason's wife -- is an accomplished -- herself. Has put up with. A lot of hours. With what -- Jason. Away. Henry and Louisa were here. You know they've made a lot of sacrifices that. Their husband and dad could be -- working for the American people -- appreciate yes we're sharing data. Just a little bit longer. And and the reason it's important is because -- we've cleared away the rubble of crisis. And later new foundation for growth -- workers nowhere -- done. Even though the economy is growing too many middle class families still feel like -- working harder harder and can't -- ahead. In -- -- is still growing in our society. Too many young people aren't sure whether they'll be able to match. The living standards of their parents. We have to make -- department in this country still. There are some some basic steps that we can take. Two strengthen the position of working people in this country to help our economy grow faster. Could make sure that it's more competitive. And and some of that requires. Political will. Some of it requires. An abiding passion for. Making sure everybody in this country has assertion. But it also requires. That economists. I know what's called dismal science but I don't find -- that this morning. I think it's actually pretty interest and Allan -- Jason appreciate that. So so sometimes the rest of my staff thinks you know Obama and -- -- ago there was economists and they're gonna have a wonk fest for. The next power but. But this stuff matters it's not just numbers on -- page. It makes a difference in terms of whether or not. People get a chance at life and -- also we optimize. Opportunity -- and make sure that we don't have a contradiction between an efficient. Growing free market economy and one in which. Everybody gets a fair shot him. And where -- caring for the vulnerable on the disabled and and and folks in our society who need help. So a growing economy to create good middle class jobs the rewards hard work and responsibility -- -- northstar. In in Jason's new roles of chairman economic. Council of economic advisors. He'll be working with some our country's leading economists including Jim side. Who as join us and I'm relying on them to provide analysis and recommendations -- just one thing in mind. What's gonna do the most good for most people in this country. Not what's best for a political party not what's best for a special interest. I don't have another election. That's not what's best for me. What's best for -- middle class. And everybody -- working hard to get there that's what -- people deserve. So wired would urge the senate. To swiftly confirm Jason Furman. And I want to again thank Alan for his outstanding service -- -- -- -- Jason's family for continue to serve the country they love. And for all the economists in the room. Thank you portion. For me occasionally ever -- and work that you do. He would like to see head up the white house council of economic affairs. And then he'd like to see -- that division Jason. 2009. Deputy director White House National Economic Council. And would be replacing if confirmed by the senate. Alan Krueger who will be stepping down. -- had been serving in that capacity for the past year and a half he'll be returning to Princeton University has professor there aren't the president making a little. Light -- one of his personal past times about the economic impact of rock and roll. In fact citing that you are making a speech at the rock and roll hall of fame this Wednesday talking a little bit of the personal side of some of the personal stories that the president has had with Alan -- over the past year and a half Jason -- no stranger to the White House and to the president's economic. Background and interest as well influential force in developing in -- the 2009 economic stimulus and also the Affordable Care Act something that. The president has both. Illustrated there as being key points to help the -- American economy and strengthen the recovery. On that president saying in fact that he hopes that the senate will confirm that nomination -- of Jason Furman. To head up the directors unity council of economic affairs. Have to wait and see. Whether that will happen of course -- complete recap on abcnews.com. For now I'm Dan Butler New York. With -- ABC news digital special report. This has been a special report from me.
This transcript has been automatically generated and may not be 100% accurate.