Congressional leaders have selected Douglas Elmendorf, director of the Hamilton Project at the Brookings Institution, to be the director of the Congressional Budget Office.

“Dr. Elmendorf possesses a broad base of experience, having worked in all of the critical federal agencies which implement and oversee national economic policy: Treasury, the Federal Reserve, and the Council of Economic Advisers plus the Congressional Budget Office,” Speaker Nancy Pelosi (D-Calif.) said in a statement announcing the selection.

The Speaker and the Senate President Pro Tempore select the CBO director after the House and Senate Budget committees make recommendations.

House Budget Chairman John Spratt (D-S.C.) and Senate Budget Chairman Kent Conrad (D- N.D.) both praised the selection.

“Given the state of our economy, I hope the House and Senate Budget Committees can move forward quickly in the New Year to make our statutory recommendation,” Spratt said in a statement.

Elmendorf has worked previously at the Congressional Budget Office and the Federal Reserve. During the Clinton administration, he served at the Treasury Department and the Council of Economic Advisers.

In April 2008, he joined several economists to testify before the Senate Banking, Housing, and Urban Affairs Committee on solutions to the nation’s foreclosure crisis.

Sen. Judd Gregg (R-N.H.), ranking member of the Budget Committee, issued a statement praising the selection.

“Dr. Elmendorf’s long and distinguished career in economics, as well as a strong background in fiscal and budget issues, makes him an excellent choice to lead the CBO,” Gregg said. “As we navigate the current economic challenges facing the nation, Dr. Elmendorf’s experience and expertise will be a tremendous asset to the Congress and I look forward to working with him.”