WASHINGTON, D.C. (BNO NEWS) – President Barack Obama on Firday will announce Austan Goolsbee as the new head of the Council of Economic Advisers (CEA), administrative officials said.

Goolsbee, 41, an economics professor at the University of Chicago, who was previously approved by the Senate as a member of the CEA, will be replacing Christina Romer.

Goolsbee, who has also worked as a stand-up comedian, has been serving as part of the economic advisory panel, which consists of three people, and upon the announcement, will become the youngest since Arthur M. Okun who held the same position under President Lyndon B. Johnson in 1968.

Obama has worked alongside Goolsbee since the 2004 Senate run and the the 2008 campaign as an economic adviser.

Romer left her post last week after last month's announced saying she would be returning to teaching at the University of California, Berkeley.

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