Senate Budget Committee Chairman Mike Enzi (R-Wyo.) and House Budget Committee Chairman John Yarmuth (D-Ky.) on Thursday announced that Phillip Swagel, a University of Maryland economics professor and former Treasury official under President George W. Bush, as the next director of the non-partisan Congressional Budget Office (CBO).
“Dr. Swagel’s strong academic and government experience, as well as his knowledge and expertise in economic forecasting will serve him well as he leads CBO,” said Enzi.
“I am confident he will lead the agency with integrity and maintain the office’s reputation for non-partisan analysis,” he added.
Swagel served as assistant secretary for economic policy at the Treasury Department from late 2006 until early 2009, a period that included the start of the financial crisis. He has also served on the White House Council of Economic Advisers and an economist for the Federal Reserve Board.
Swagel will replace current CBO director Keith Hall, who has been in the position since April 2015.
“I want to thank Dr. Keith Hall for his stewardship of the CBO these past four years, and I am confident Dr. Phillip Swagel will ensure the office continues to fulfill its important mission,” Yarmuth said.
Hall’s term expired on January 3, but he stayed on until a new nominee was selected. As a result, Swagel’s term will expire just short of four years, on January 3, 2023.
The CBO is a key office within the legislative branch that advises Congress on the projected costs of legislation, and its analyses and projections often able to make or break bills.
Swagel will technically be nominated by House Speaker Nancy Pelosi (D-Calif.) and Sen. Chuck Grassley (R-Iowa) in his role as president pro tempore of the Senate, based on the budget chairs’ recommendations.
Republicans have slammed the agency for its projections that their health care proposals would dramatically reduce the number of people with health insurance, as well as later estimates that found their signature tax law would all $1.9 trillion to the deficit over a decade.