Bill Daley Named White House Chief of Staff

(William Daley article updated with comments from President Barack Obama's announcement.)

NEW YORK ( TheStreet) -- William Daley was named the next White House chief of staff by President Barack Obama on Thursday.

"I am proud to announce the appointment of an experienced public servant, a devoted patriot, my friend, fellow Chicagoan Bill Daley, to serve as my Chief of Staff," President Obama said today in an official announcement.
William Daley
William Daley

Obama believes that Daley "possesses a deep understanding of how jobs are created and how to grow our economy."

"I'm convinced that he'll help us in our mission of growing our economy and moving America forward," Obama said, "and I very much look forward to working with Bill in the years to come."

Bill Daley is currently the Midwest chairman of JPMorgan Chase ( JPM). He led the Commerce Department during President Bill Clinton's second term, from January 1997 to July 2000.

Daley, 62, is the younger brother of Chicago Mayor Richard Daley.

Obama's former chief of staff Rahm Emanuel recently announced he would leave his post to run for Chicago mayor after Richard Daley said he wasn't planning on seeking reelection.

--Written by Theresa McCabe in Boston.

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