Updated from 10:39 a.m. EDT with comments from President Obama



) -- President Barack Obama nominated Alan Krueger on Monday as the new chairman of the Council of Economic Advisors.

If Krueger is approved by the Senate, he would become a crucial advisor in the Obama Administration as it gears up for a September push to reignite job creation and economic growth.

President Obama nominated Alan Krueger as the next chairman of the Council of Economic Advisors.

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"I have nothing but confidence in Alan as he takes on this import role as one of the leaders of my economic team," Obama said. "We need folks in Washington to make decisions based on whats best for the country, not what's based on what's best for a political party."

Krueger works as a professor of economics at Princeton University and formerly worked as the assistant secretary of the U.S. Treasury. He is known for his expertise as a labor economist.

Austan Goolsbee served as the chairman of the post until Aug. 5 when he returned to the University of Chicago to resume his position as an economics professor. Katharine G. Abraham and Carl Shapiro are the other two Senate-approved members of the CEA and are on leave from the University of Maryland and the University of California at Berkeley, respectively.

The CEA is an agency within the Executive Office that offers economic advice to the president and along with the chairman has two other members.

-- Written by Joe Deaux in New York.

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