President Barack Obama announced Tuesday that he will nominate Jacob Lew as the new director of the Office of Management and Budget.

Lew, who is currently the deputy secretary of State for management and resources, will fill the slot being vacated by Peter Orszag. Lew served as OMB director under President Bill Clinton from 1998 to 2001.

“The experience and good judgment Jack has acquired throughout his impressive career in the public and private sector will be an extraordinary asset to this administration’s efforts to cut down the deficit and put our nation back on a fiscally responsible path. As the budget director who left the next administration a $237 billion surplus when he worked for President Clinton, I have no doubt that Jack has proven himself equal to this extraordinary task,” Obama said.

The president will formally announce Lew’s nomination at noon during remarks at the White House.