04/11/2013 11:56 am ET Updated Apr 11, 2013

Obama To Name Volunteer Fund After George H.W. Bush

President Barack Obama will name a volunteer program after former President George H.W. Bush, Politico reported Thursday.

The George H.W. Bush Volunteer Generation Fund is a $10 million program intended to improve the capacity of nonprofits working with volunteers, according to the budget Obama released on Wednesday.

Bush has a long record of promoting volunteerism, starting the Points of Light volunteer institute and signing the 1990 National Service Act during his presidency.

The president noted in his budget proposal that the fund honors the "legacy of service of the 41st President of the United States, who has pioneered important work in the field of volunteering both during and after his time in office."

"As we move forward with the George H.W. Bush Volunteer Generation Fund, we will focus investments on volunteer management practices that increase both volunteer recruitment and retention," reads a statement on the Corporation for National and Community Service's website. "Retention is key to ensuring that volunteers are productively engaged and to bringing stability to nonprofit operations. And we will support efforts that build the career skills of volunteers, expanding opportunity for the unemployed, veterans, and disadvantaged youth."

Obama sent his $3.8 trillion budget proposal to Congress on Wednesday, introducing new spending for early education, infrastructure and job initiatives, according to the Associated Press. The plan also introduces tax hikes on wealthy Americans and corporations, and significant cuts to Social Security.

Read the full text of Obama's budget here.

Obama's proposed cuts to Social Security have been the target of harsh criticism, including from Sen. Elizabeth Warren (D-Mass.) and Sen. Bernie Sanders (I-Vt.).

“I am terribly disappointed and will do everything in my power to block President Obama’s proposal to cut benefits for Social Security recipients through a chained consumer price index," Sanders said in a April 5 statement.