U.S. President Barack Obama on Monday nominated veteran economic official Jason Furman to lead the White House Council of Economic Advisers (CEA).

Furman, currently principal deputy director of the President's National Economic Council (NEC), is "one of the most brilliant economic minds of his generation," said Obama at a nomination ceremony held at the White House, who noted Furman has won the " respect and admiration from his peers across the political spectrum."

Furman has worked tirelessly on just about every major economic challenge of the past four and a half years, from averting a second economic depression, to fighting for tax cuts that help millions of working families make ends meet, to creating new incentives for businesses to hire, and to reducing U.S. budget deficits in a balanced way that benefits the middle class, Obama said.

Furman's nomination still awaits confirmation by the U.S. Senate. If he is confirmed by the Senate, Furman will replace Alan Krueger to become the chairman of the CEA.

Krueger, a renowned labor economist, last month announced his plan to return to Princeton University as a professor later this year.

Furman earned his doctorate in economics from Harvard University, and used to work for the CEA under U.S. President Bill Clinton.

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