Hassett, however, would serve in an administration that is deeply divided on economic questions, especially the issue of global trade. An advocate of free trade, Hassett would work alongside advisers with unorthodox views on the subject, such as Trump's chief strategist, Stephen K. Bannon.

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In some respects, Hassett represents a conventional choice by an unconventional administration. In addition to Bush, Hassett has advised Republican presidential nominees Sen. John McCain (R-Ariz.) and Mitt Romney, the former governor of Massachusetts. Recently, Hassett has conducted research at the American Enterprise Institute, a bastion of the Republican establishment and intellectual conservatism.

"I have always valued Kevin’s commitment to pro-growth tax policies," said Rep. Kevin Brady (R-Tex.), the chairman of the House Ways and Means Committee, in a statement. "I look forward to working with him in this new role as we move forward with tax reform that grows the economy and creates jobs."

Yet Trump's pick for the CEA has also frequently departed from conservative economic doctrine. In 2013, Hassett told Congress that the federal government should directly hire the unemployed and find work for them to do. This approach, he argued, would help American workers more efficiently than paying to build new infrastructure and other forms of fiscal stimulus.

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Hassett might be best known for a book he published in 1999 with James Glassman titled “Dow 36,000: The New Strategy for Profiting From the Coming Rise in the Stock Market.” The book was based on the memorably inaccurate prediction that the Dow Jones industrial average, which had ended 1998 at 9,181, would soon increase to 36,000.

The average closed Friday at 20,656.

Hassett's nomination has long been expected. Liberal economists have spoken favorably about him as a possible chairman, suggesting that his nomination could garner bipartisan support from Democratic senators.

"Kevin is an excellent choice for CEA chair. He is serious about economics, but also understands how to navigate politics," said Jason Furman, who chaired the council under President Obama.

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The announcement, however, occurs more than two months into the new administration — a period in which Trump and his advisers have been working on complicated questions of economic policy, including trade and the tax system, without any leadership on the president's council of economic experts.

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"It’s an extremely positive development, given the lack of this sort of expertise in this White House," said Jared Bernstein, who served as Vice President Biden's chief economist.

Bernstein described Hassett as a friend and former collaborator on economic research, although Bernstein takes issue with Hassett's advocacy of reducing the corporate tax, which Hassett has argued would improve productivity and increase workers' wages.