Jack Lew Named New OMB Director

President Barack Obama named Jacob ‘Jack’ Lew, a State Department official and adviser for Secretary Hillary Clinton, to head the White House Office of Management and Budget [OMB].

“The experience and good judgment Jack has acquired throughout his impressive career … 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,” Obama said Tuesday.

Lew, who is replacing outgoing Director Peter Orszag, is no stranger to the role.  Under the Clinton administration, Lew served as OMB Director from 1998-2001.

“If there was a Hall of Fame for budget directors, then Jack Lew surely would have earned a place,” Obama said, noting the over $1 trillion Clinton-era surplus generated under Lew’s stewardship.

Orszag issued a statement applauding the decision.

“With his experience, mastery of the budget process, and passion for public service, Jack Lew is an individual especially qualified to serve the President and the American people during these challenging economic times,” Orszag said.

Orszag will leave the administration at the end of the month.