President Obama nominated Jason Furman Monday for the administration's top economic policy position. 

"Furman is one of the most brilliant economic minds of his generation," Obama said. "Don't take my word for it, you can talk to other economists who know a lot more than I do about it."

Furman will chair the Council of Economic Advisers. If confirmed by the Senate, Furman would replace Alan Krueger as chairman.

In his new position Furman would brief the president on economic data, including the monthly jobs report.

Furman was the key architect of many of the White House’s domestic policy achievements, including the 2012 income tax deal, 2010’s payroll tax cut and the 2009 stimulus package.

The council is one of two of the president's main sources of economic advice to the president.The other is the National Economic Council, where Furman currently serves as principal deputy director.

"He's won the respect and admiration from his peers across the political spectrum," Obama said. 

Furman's research has been focused on fiscal and tax policy, Social Security and monetary policy. Furman, 42, worked as an economist in the Clinton White House and before that was a senior adviser at the World Bank.

The Associated Press contributed to this report.