U.S. Capitol building. (Photo: Mike Scarcella/ALM) U.S. Capitol building. (Photo: Mike Scarcella/ALM)

Phillip Swagel has been appointed to replace Keith Hall as director of the Congressional Budget Office, Rep. John Yarmuth. D-Ky., chairman of the House Budget Committee, along with with Senate Budget Committee Chairman Mike Enzi, R-Wyoming, said Wednesday.

Swagel, the current professor of International Economic Policy at the University of Maryland School of Public Policy, will serve a term from June 3, 2019, until Jan. 3, 2023.

Swagel served in the Treasury Department under President George W. Bush and played a key role in the Troubled Asset Relief Program.

“For more than 40 years, the Congressional Budget Office has played a vital role in providing Congress with nonpartisan and high-quality analysis, helping us to make informed decisions on fiscal policy,” said Yarmuth, in a statement. “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. I look forward to working with him.”

Swagel received both his Ph.D. and master’s degree in economics from Harvard University, and a bachelor’s degree from Princeton University.

Swagel has also held previous roles in public service, including positions within the Treasury Department, the Council of Economic Advisers and the Federal Reserve Board.

“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,” added Enzi. “I am confident he will lead the agency with integrity and maintain the office’s reputation for nonpartisan analysis. I would also like to thank Dr. Hall for his years of dedicated service to Congress and wish him well.”