Former Citi AI COO Picked To Head Budget Office

Jul 14 2010 | 11:53am ET

President Barack Obama has nominated a former Citi Alternative Investments executive to serve as director of the Office of Management and Budget.

Jacob Lew spent two-and-a-half years at the Citigroup hedge fund unit before joining the State Dept. last year as deputy secretary for management and resources. If Lew is confirmed to replace Peter Orszag, who is stepping down at the end of the month, it will be his second go-around at the helm of OMB, having served as director under former President Bill Clinton from 1998 through 2001.

“At a time when so many families are tightening their belts, he’s going to make sure the government continues to tighten its own,” Obama said yesterday. “He’s going to do this while making government more efficient, more responsive to the people it serves.”

Lew joined Citi AI in 2006. He spent the entirety of the Clinton administration in government, first as a special assistant to the president, and then as associate director for legislative affairs at OMB.

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