President Obama has selected Jacob Lew, who led OMB during the Clinton presidency, to succeed outgoing OMB director Peter Orszag.
Lew is currently the deputy secretary of State for management and resources and also serves as chief operating officer. He was confirmed to that position in January of 2009.
During the Bush administration Lew served as the president of New York University, then later as the managing director and COO of Citi Alternative Investments
From 1988 to 1993, Lew was a partner at the Washington law firm Van Ness, Feldman, specializing in issues related to power plant development.
Senate Homeland Security and Governmental Affairs chair Joseph Lieberman, I-Conn., offered praise, saying, “His previous term as OMB director occurred in an era of budget surpluses and economic growth, and Jack is the right man to help lead us back to better fiscal times.”