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Jacob Lew to Move from State to Office of Management and Budget

For all the wonks out there: President Obama said today that he plans to nominate Jacob Lew, the deputy secretary of state for management and resources, to become director of the Office of Management and Budget. Peter Orszag, the current head of OMB, is leaving for the Council on Foreign Relations. Lew is a familiar figure in policy circles — a former executive at Citi Alternative Investments and New York University, lawyer and domestic policy adviser. He served as the head of OMB during the Clinton administration.

What does the OMB do, anyway? Essentially, it advises the White House on the federal budget and its sustainability — on the efficacy of certain programs, policy initiatives and agencies. It oversees the preparation of the president’s budget proposal, and looks at the possible impact of spending increases or cuts. The Congressional Budget Office — the agency with which it most often gets confused — measures the budget impact of bills under consideration by Congress.

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