President Bush announced yesterday his intention to nominate University economics professor Harvey Rosen to the Council of Economic Advisers, according to a White House press release.
Rosen, who previously served as the deputy assistant secretary for tax analysis at the Treasury Department under the first Bush administration, has taught at the University since 1974.
If confirmed, Rosen's appointment would fill one of two vacant seats on the council, which provides the President with economic analysis and advises him on economic policy matters.
Rosen was a coauthor of a study on the effects of eliminating taxes on stock dividends along with former council chairman Glenn Hubbard, the Associated Press reported. Hubbard resigned from the council in February.
The elimination of the tax on stock dividends — a centerpiece of Bush's tax cut plan — has come under fire lately from Democrats and moderate Republicans. Administration officials are reportedly considering scaling back the plan.
Harvard professor Gregory Mankiw '80, one of Rosen's former students, will be nominated to serve as the chairman of the council, which only has three members, according to a University press release.
Rosen joins a line of Princeton economic professors with prominent positions in government.
Former economics department chair Ben Bernanke left the University to join the Federal Reserve System's Board of Governors last September. Bernanke has been rumored to be a possible candidate to replace Alan Greenspan as the chairman of the Federal Reserve.
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