Economic Adviser Larry Summers Leaving White House
September 21, 2010
(ChattahBox Political News)—-President Obama hinted at it yesterday. And today, it was confirmed that top economic White House adviser Larry Summers will be leaving his post at the end of the year to return to Harvard. Summers’ impending exit marks the third economic aide to leave the Obama administration. Peter Orszag, director of the Office of Management and Budget, and Christina Romer, head of the Council of Economic Advisers, both left the administration over the summer.
Yesterday during the CNBC-hosted town hall, Obama hinted that a White House shakeup was in the works.
“This is tough, the work that they do,” said the President.“They’ve been at it for two years, and they’re going to have a whole range of decisions about family that will factor into this, as well,” he added.
Summers heads the National Economic Council of financial advisers to the President.
It’s not known if Summers is simply leaving due to workplace burnout, during a time of economic distress or if he was given a nudge. But the progressive wing of the Democratic Party are not fans of the former president of Harvard University and Clinton Treasury Secretary.
Summers did not support the auto industry bailouts and he advised the White House to become more friendly to business interests.
Bloomberg News writes:
Summers has been a forceful advocate of his positions within the administration and also urged restraint on issues such as the economic stimulus and adoption of the “Volcker Rule,” which limits banks from engaging in proprietary trading, people familiar with discussions said.
In internal discussions, Summers has argued that the administration needs to make more overtures to the business community and has opposed political advisers who want the president to strike a more populist tone, one person said.
Treasury Secretary Timothy Geithner would be the only remaining member of President Obama’s original economic team.