President Barack Obama on Wednesday named Jason Furman to be Larry Summers’ deputy on the National Economic Council. Furman, a former Clinton White House aide who served as a top economic adviser on Obama’s presidential campaign, has long been seen as in line for a senior spot with the administration. He is a widely respected economist, even among Republicans, according to GOP sources.

Furman will be joined as deputy NEC director by Diana Farrell, an economist and co-author of the book “Market Unbound: Unleashing Global Capitalism.”

“Diana and Jason, along with Larry Summers, will work day and night with me to advance an American Recovery and Reinvestment plan,” Obama said in a statement.

With Furman’s appointment, the second level of leadership on Obama’s economic team is falling into place. Treasury Secretary Timothy Geithner on Tuesday announced that he had appointed a former Goldman Sachs lobbyist, Mark Patterson, to serve as his chief of staff.