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Summers to Step Down

Larry Summers, the head of the National Economic Council and an adviser to President Barack Obama, is stepping down at the end of the year. Here is the full press release:

Dr. Lawrence H. Summers, Director of the National Economic Council and Assistant to the President for Economic Policy, announced his plans to return to his position as University Professor at Harvard University at the end of the year.

Dr. Summers is the chief White House advisor to the President on the development and implementation of economic policy. He also leads the President’s daily economic briefing.

“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. Over the past two years, he has helped guide us from the depths of the worst recession since the 1930s to renewed growth. And while we have much work ahead to repair the damage done by the recession, we are on a better path thanks in no small measure to Larry’s wise counsel. We will miss him here at the White House, but I look forward to soliciting his continued advice and his counsel on an informal basis, and appreciate that he has agreed to serve as a member of the President’s Economic Advisory Board.”

Dr. Summers 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.”

Dr. 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 our international economic relationships including China, developing the President’s health care plan, opening the broadband spectrum, and in international climate negotiations.

Summers is the third major economic figure to depart the White House in recent months, following Christina Romer, the head of the Council of Economic Advisers, and Peter Orszag, the head of the Office of Management and Budget. More to come…

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