WATCH: Valerie Jarrett Gives Speech on Why Obama Backs Equality Act

President Obama's closest advisor, Valerie Jarrett, further explained his support for The Equality Act in a speech on Wednesday during the OUT100.

The president had been named "Ally of the Year" on Tuesday and appeared on the magazine's cover -- the first time a sitting president has been photographed for the cover of an LGBT magazine. The OUT100 event in New York City celebrates the honorees.

After taking weeks to review the proposal to amend the 1964 Civil Rights Act to include protection for sexual orientation and gender identity, the White House announced on Tuesday that it will back the bill in Congress called the Equality Act. Press Secretary Josh Earnest told reporters, "That bill is historic legislation that would advance the cause of equality for millions of Americans."

Earnest explained that the administration's review determined the bill maintains a balance between fighting discrimination and "making sure that we can protect religious liberty at the same time."

In her speech, Jarrett also remembered a conversation she had on the phone with President Obama in June, on the day the Supreme Court ruled in favor of the nationwide legality of same-sex marriage, and his reaction to the good news.

"I said it was 5-4, and he said, 'Who won?'" she recalled. "I said, 'We won.' And he knew exactly who I meant by that."

Watch the video of Jarrett's speech during the OUT100 below: