Obama Appoint William Daley As Chief of Staff

President Obama will name William Daley his new White House chief of staff this afternoon, two administration officials said today.

The formal announcement is currently set for 2:30 p.m., the officials said, requesting anonymity so that the president can discuss the selection himself.

Daley, who like Obama is from Chicago, led the Commerce Department during the Bill Clinton administration. He returns to government after a stint with JP Morgan Chase.

The new White House Chief of Staff is the brother of outgoing Chicago MayorRichard Daley -- whose job is now being pursued by the former White House Chief of Staff, Rahm Emanuel.

Obama spoke with Daley on Wednesday at the White House, as USA TODAY reported in its story on a variety of personnel moves that Obama is making.

Former colleagues said Daley also the son of legendary Mayor Richard J. Daley -- told our Richard Wolf that the new chief of staff has Emanuel's toughness, Rouse's low-key manner, and Clinton's political acumen.

"He is a very unusual guy at the top levels of American politics," says Robert Shapiro, a veteran of past Democratic campaigns and administrations who served under Daley at the Commerce Department. "He's fair and decent and smart and doesn't have a huge ego. I think he brings just about everything you would want in a chief of staff."

Erskine Bowles, a chief of staff to President Clinton, said Daley "understands both the political side of the equation and the management side of the equation and how to get things done in Washington. He's got presence. He's going to have some tough negotiations with folks in Congress. They're going to respect him immediately."

Gibbs also said that Obama plans to name new members of his economic team on Friday, the day new jobs numbers are released by the U.S. Labor Department.