By Geneva Sands - 08/29/11 07:39 PM EDT
President Obama formally announced, Alan Krueger, an economics professor at Princeton University, to head his White House economics team Monday in the Rose Garden at the White House.
"I have nothing but confidence in Alan as he takes on this important role as one of the leader of my economic team," said Obama.
The president announced Monday morning that he planned to tap the labor economist as chairman of the White House's Council of Economic Advisers (CEA).
Obama complimented the previous chairman, Austan Goolsbee, saying he was a "great friend" and that he "relied on him for years."
For more on Obama's nomination of Krueger click here.