Austan Goolsbee leaving White House

Austan Goolsbee, the chairman of President's Council of Economic Advisers, is resigning his position to return to the University of Chicago.

The White House announced the resignation late Monday night.

Goolsbee is the fourth high-profile member of the president's economic team to leave the White House. He follows National Economic Council chief Larry Summers, budget director Peter Orszag and Council of Economic Advisers' chief Christina Romer.

He will return to his teaching position at the University of Chicago Graduate School of Business. He could have lost his tenured position if he hadn't returned by the upcoming school year, according to media reports.

Goolsbee has been with the administration since President Obama took office. He originally started as a member of the council of economic advisers but took over as head when Romer resigned last year. He first teamed up with Obama when the president was running his first Senate campaign.

He was a visible television presence for the administration and a staunch defender of its economic policies.

Obama praised his service.

“Since I first ran for the U.S. Senate, Austan has been a close friend and one of my most trusted advisers,” Obama said in a statement.  “Over the past several years, he has helped steer our country out of the worst economic crisis since the Great Depression, and although there is still much work ahead, his insights and counsel have helped lead us toward an economy that is growing and creating millions of jobs."