The eight distinguished economists have made significant contributions within their fields.
The economist will leave her current appointment at Stanford later this year after four years at the institution.
The role marks a return to government service for the academic, who previously helped to establish the Office of Research at the Consumer Financial Protection Bureau.
The Princeton economist will serve as president-elect through 2023 and as president in 2024.
While at the agency he helped to lead major enforcement actions across antitrust, consumer protection, data security and privacy.
Sryia Iyer, Matt Elliott, Debopam Battacharya and Chris Rauh take up new roles from October 1.
Seema Jayachandran takes up a professorship at Princeton after four years at Northwestern.