Obama's chief economic advisor Summers to leave government post

10:21, September 22, 2010      

Email | Print | Subscribe | Comments | Forum 

U.S. President Barack Obama's chief economic advisor, director of the National Economic Council Lawrence H. Summers will return to Harvard University at the end of the year, said the White House on Tuesday.

"I will always be grateful that at a time of great peril for our country, a man of Larry's brilliance, experience and judgment was willing to answer the call and lead our economic team," Obama said in a statement.

The president said that Summers has helped guide the U.S. from the depths of the worst recession since the 1930s to renewed growth over the past two years.

Summers' departure comes amid a sluggish economic recovery that has seen unemployment at 9.6 percent. He would be the third high- level member of the Obama economic team to leave this year, following the resignations of budget director Peter Orszag and Christina Romer, head of the Council of Economic Advisers.

Summers has agreed to continue to serve as a member of the President's Economic Advisory Board.

He said "I will miss working with the president and his team on the daily challenges of economic policy making. I'm looking forward to returning to Harvard to teach and write about the economic fundamentals of job creation and stable finance as well as the integration of rising and developing countries into the global system."

According to the White House statement, Summers overseas the coordination of economic policy making across the administration, leads the president's daily economic briefing and has been a frequent public spokesman for the administration's policies.

Under Dr. Summers's leadership, the National Economic Council has been at the center of economic policy making in the Obama administration. He served as an architect of the Recovery Act and other job creation measures and the Financial Stability Program. As co-chair of the President Auto Task Force, he led the restructuring of the U.S. automobile industry.

He has also played a leading role in managing U.S. international economic relationships, developing the president's health care plan, opening the broadband spectrum, and in international climate negotiations.

Analysts say that Summers' leave indicates the political challenge that the Obama administration is facing under the pressure of an election year.

Republicans criticized that the Obama administration's economic policy has failed, at least in terms of unemployment rate. They called for Obama to fire both of his top economic advisors -- Treasury Secretary Timothy Geithner and chief economic advisor Lawrence Summers.

But Obama said on Monday that he had not made any determinations about changing personnel on his team.

The president just said, "This is tough work that they do."

Source: Xinhua

(Editor:赵晨雁)

  • Do you have anything to say?

双语词典
dictionary

  
Special Coverage
  • Premier Wen Jiabao visits Hungary, Britain, Germany
  • From drought to floods
Major headlines
Editor's Pick
  • Chinese Navy soldiers hold an evening party marking the upcoming 62nd National Day aboard Chinese Navy hospital ship "Peace Ark" in the Pacific on Sept. 28, 2011. The Chinese National Day falls on Oct. 1. (Xinhua/Zha Chunming)
  • Photo taken on Sept. 30, 2011 shows the crowd at the plaza of Beijing Railway Station in Beijing, capital of China. The railway transportation witnessed a travel peak with the approach of the seven-day National Day holidays on Friday. (Xinhua)
  • A man wearing high-heel shoes takes part in the 3rd annual Walk a Mile in Her Shoes, an event when men literally walk in women's shoes to raise awareness about ending violence against women, at Yonge-Dundas Square in Toronto, Canada, Sept. 29, 2011. (Xinhua/Zou Zheng)
  • Photo taken on Sept. 29, 2011 shows a cargo ship in danger on the sea near Zhuhai City, south China's Guangdong Province. Cargo ship Fangzhou 6 of Qingzhou of southwest China's Guangxi Zhuang Autonomous Region lost control after water stormed into its cabin due to Typhoon Nesat on the sea near Zhuhai Thursday, leaving 12 crew members in danger. Rescuers rushed to the ship and saved them by using a helicopter. (Xinhua)
  • Actress Gong Li poses for L'Officiel Magazine. (Xinhua Photo)
  • Demonstrators from the Occupy Wall Street campaign hold placards as they march in the financial district of New York September 29, 2011. After hundreds of protesters were denied access to some areas outside the New York Stock Exchange on September 17, demonstrators set up a rag-tag camp three blocks away. Zuccotti Park is a campground festooned with placards and anti-Wall Street slogans. The group is adding complaints of excessive police force against protesters and police treatment of ethnic minorities and Muslims to its grievances list, which includes bank bailouts, foreclosures and high unemployment. (Xinhua/Reuters Photo)
Hot Forum Discussion