"Alan brings a wealth of experience to the job [and is] one of one of nation's leading economists," Obama said.
If confirmed by the U.S. Senate, Krueger will continue the CEA's work of developing and offering Obama economic advice on formulation of domestic and international economic policy, the White House said in a release.
The council bases its recommendations "about what will do the most good for the country" on economic research and empirical evidence, Obama said, "not what's best for a political party or special interest."
Obama said he would be outlining in a speech next week initiatives Congress could consider soon after it returns from its August break that would help get the economy working.
The initiatives historically have enjoyed bipartisan support and are plans that "everybody can get behind," Obama said.
Krueger previously was chief economist for the U.S. Treasury and has support from both Democrats and Republicans.