Senate Democratic leaders hope to have a vote confirming Jackson to the court by mid-April. Jackson, 51, currently sits on DC's federal appellate court and had been considered the front-runner for the vacancy since Justice Stephen Breyer announced his retirement.
What Biden said about the nominee: Speaking from the White House, Biden said he was fulfilling his “responsibilities under the Constitution” in selecting Jackson, noting not only her character and talents, but also the significance of this specific nomination.
“For too long, our government, our courts, haven't looked like America,” the President said. “I believe it's time that we have a court that reflects the full talents and greatness of our nation with a nominee of extraordinary qualifications, and that we inspire all young people to believe that they can one day serve their country at the highest level.”
Biden said it was his "honor to introduce to the country a daughter of former public school teachers a proven consensus builder and an accomplished lawyer and distinguished jurist, on one of the nation's most prestigious courts."
What Jackson said about the nomination: Taking to the podium after Biden, Jackson said she is "humbled by the extraordinary honor" to be the President's nominee. She also took a moment to recognize that Biden's nomination comes amid deadly conflict across the globe.
"I am especially grateful for the care that you have taken in discharging your constitutional duty in service of our democracy, with all that is going on in the world today," said Jackson, a reference to the invasion of Ukraine by Russia.
She credited her father, who transitioned from a teaching career to life as a law student, for first introducing her to her chosen profession.
"Some of my earliest memories are of him sitting at the kitchen table reading his books," she said. "I watched him study and he became my first professional role model."
Jackson also took a moment to pay homage to Breyer, a man for whom she once clerked, and once confirmed, will ultimately replace.
"Justice Breyer, the members of the Senate will decide if I fill your seat. But please know that I could never fill your shoes," she said.
Jackson thanked her friends and family members, while also revealing the large role her faith has played in her life and her career.
"I must begin these very brief remarks by thanking God for delivering me to this point in my professional journey. My life has been blessed beyond measure and I do know that one can only come this far by faith," Jackson said when opening her remarks. "Among my many blessings, and indeed the very first, is the fact that I was born in this great country ... The United States of America is the greatest beacon of hope and democracy the world has ever known."
What comes next: Biden, who reportedly called Jackson and offered her the nomination on Thursday, noted that it's his hope that the Senate will move forward without hesitation to confirm her, adding that he had spoken with ranking members of the Senate Judiciary Committee in advance of the nomination.
Senate Majority Leader Chuck Schumer, meanwhile, promised a “fair, timely and expeditious” confirmation process for Jackson and hopes she will win bipartisan support.
Read more about the confirmation process here.
CNN's Jason Kurtz, Jake Tapper, Nikki Carvajal, Ariane de Vogue, Jeff Zeleny, Betsy Klein, Ted Barrett Maegan Vazquez contributed reporting to this post.