WASHINGTON (AP) — President Barack Obama will nominate Jason Furman, a veteran White House economic official, as chairman of the president's Council of Economic Advisers.

The White House says Obama will make the announcement Monday afternoon.

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.

If confirmed by the Senate, Furman would replace Alan Krueger, who is returning to his former post as a professor at Princeton University.

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.