Business News

PROFILE: Larry Summers - Obama's chief economic advisor

By Chris Cermak Nov 24, 2008, 18:38 GMT

Washington - Larry Summers, a former Treasury secretary and president of Harvard University, brings a great deal of clout to the economic team of president-elect Barack Obama, but is not without controversy.

Summers, 53, was named director of the White House National Economic Council (NEC) on Monday, making him Obama's chief economic advisor. The NEC, created in 1993, coordinates economic policy across the various government departments including the Treasury, labour, housing and health.

Summers will likely have a broad role in crafting tax and fiscal policy when the Obama administration takes over January 20. The Treasury, to be led by Timothy Geithner, will keep its central role in managing the financial crisis at the heart of the current economic downturn.

Serving as Treasury secretary in the final years of former president Bill Clinton, Summers left behind a robust US economy and a budget surplus. Before gaining the top post in 1999, Summers directed international policy at the Treasury and spearheaded the US response to the Asian financial crisis of 1997.

Summers is a long-time academic who worked as the World Bank's chief economist between 1991 and 1993. He is known for his pragmatism, vast intellect and strong opinions.

But those opinions got him into trouble earlier this decade, when he was forced to resign in 2006 as president of Harvard University over comments viewed as demeaning to women.

US media speculated that his outspoken nature may have cost him the more public role of Treasury secretary in Obama's administration.

Summers has a bachelor's degree in economics from the Massachusetts Institute of Technology (MIT) and a doctorate from Harvard. In 1983, aged 28, he became one of the youngest-ever tenured professors at Harvard.



COMMENT

blog comments powered by Disqus

Latest Headlines in Business

Older Talkback

Follow Us

Follow M&C on Pinterest

Search

Custom Search

Also Check Out

Justin Bieber accused of assault

Justin Bieber accused of assault
Justin Bieber has been accused of assaulting a photographer in California after a physical altercation allegedly broke out when the paparazzo attempted to take pictures of the singer and his girlfriend Selena Gomez. ... more

Britney Spears' fiance makes romantic video for her

Britney Spears fiance makes romantic video for her
Britney Spears' fiancee Jason Trawick made a gushing video to tell the singer how proud he is of her US 'X Factor' debut in Austin, Texas, last week. ... more

Gary Barlow is boring

Gary Barlow is boring
Gary Barlow says his family are pleased he has been working on the Diamond Jubilee concert and single - because it has given him something new to talk about. ... more

Demi Moore meets up with Ashton Kutcher

Demi Moore meets up with Ashton Kutcher
Estranged couple Demi Moore and Ashton Kutcher have reportedly met up with each other twice in the last month to discuss the future of their relationship. ... more

Kim Kardashian accuses British Airways of stealing?

Kim Kardashian accuses British Airways of stealing?
Kim Kardashian has accused British Airways of stealing from her baggage after a recent trip to the UK. ... more

Justin Bieber buys $6.5m home

Justin Bieber buys $6.5m home
Justin Bieber has splashed out $6.5 million on his very first home, a seven-bedroom mansion in the Californian suburb of Calabasas. ... more

will.i.am splashes out £15k on laptops for talented youngsters

will.i.am splashes out £15k on laptops for talented youngsters
Will.i.am spent £15,000 on computers for members of a youth music project in London after they impressed him with their talent. ... more

Rochelle Wiseman and Una Healy party on hen night

Rochelle Wiseman and Una Healy party on hen night
Rochelle Wiseman and Una Healy celebrated their forthcoming weddings to Marvin Humes and Ben Foden with a joint hen party on Saturday night (26.05.12). ... more

Justin Timberlake celebrates engagement to Jessica Biel

Justin Timberlake celebrates engagement to Jessica Biel
Justin Timberlake and Jessica Biel celebrated their engagement with a star-studded party at Estee Stanley's Californian home on Saturday (26.05.12). ... more

Jennifer Lopez reunites with Marc on stage

Jennifer Lopez reunites with Marc on stage
Jennifer Lopez and estranged husband Marc Anthony reunited on stage over the weekend at their live finale of their TV talent show in Las Vegas. ... more