Larry Summers Has Enough, Leaves Obama
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Lawrence Summers will leave the Obama Administration at the end of the year to return to Harvard University, after helping design and secure the President’s top economic initiatives.
Summers departure marks the third top economic official to leave the administration. The President’s first budget chief and first Council of Economic Advisors chairman also left.
"I will miss working with the President and his team on the daily challenges of economic policy making," Mr. Summers said in a written statement.
Summers is leaving to return to Harvard over concerns that he will have eclipsed his two-year leave of absence and his tenure may be revoked.
"His insights have been essential to helping President Obama guide us through the worst economic crisis since the Great Depression," Treasury Secretary Timothy Geithner said in a written statement.
According to a report from the Wall Street Journal on Wednesday, former Xerox Corp. chief executive officer Anne Mulcahy has emerged as a front runner to replace Summers as the leader of the National Economic Council, though the White House insists that no official decision has been made thus far.
Hiring a senior corporate executive would answer some of the criticism that the administration lacks private-sector experience and is unaware of the issues facing corporations during the economic recovery.
Other candidates for the position according to the Journal include Deputy Economic Council Director Diana Farrell, and Laura Tyson, who served as the chair of the Council of Economic Affairs under President Bill Clinton.
Summers departure marks the third top economic official to leave the administration. The President’s first budget chief and first Council of Economic Advisors chairman also left.
"I will miss working with the President and his team on the daily challenges of economic policy making," Mr. Summers said in a written statement.
Summers is leaving to return to Harvard over concerns that he will have eclipsed his two-year leave of absence and his tenure may be revoked.
"His insights have been essential to helping President Obama guide us through the worst economic crisis since the Great Depression," Treasury Secretary Timothy Geithner said in a written statement.
According to a report from the Wall Street Journal on Wednesday, former Xerox Corp. chief executive officer Anne Mulcahy has emerged as a front runner to replace Summers as the leader of the National Economic Council, though the White House insists that no official decision has been made thus far.
Hiring a senior corporate executive would answer some of the criticism that the administration lacks private-sector experience and is unaware of the issues facing corporations during the economic recovery.
Other candidates for the position according to the Journal include Deputy Economic Council Director Diana Farrell, and Laura Tyson, who served as the chair of the Council of Economic Affairs under President Bill Clinton.
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