Obama's economic adviser to quit
Wednesday 22 September 2010
Larry Summers, the Clinton-era treasury secretary who returned to government as Barack Obama's chief economic adviser, is to leave the administration before the end of the year.
The move, announced last night after 24 hours of rumours in Washington, gives the White House the chance to signal a fresh start on economic policy, after voters expressed disappointment at the sluggish pace of the recovery and corporate leaders complained that the administration was pursuing an anti-business agenda.
The President is considering tapping a corporate sector chief executive as a replacement, sources said.
"I will always be grateful that at a time of great peril for our country a man of Larry's brilliance, experience and judgement was willing to answer the call and lead our economic team," Mr Obama said.
Mr Summers will return to a teaching role at Harvard University, where he is an economics professor and former president. In the White House, he had been regarded as a moderate voice, arguing against populist measures against the banking industry.
After the midterm elections in November, only one member of Mr Obama's original economic team will remain, the Summers protégé Tim Geithner, the Treasury Secretary.
Mr Obama had stoked speculation of an imminent reshuffle on Monday when he said of his economic team: "This is tough, the work that they do. 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."
- 2 Harry Potter fans can apply to the Hogwarts-inspired College of Wizardry
- 3 Jessica Chambers: 19-year-old woman 'doused with lighter fluid and burned alive' in the US
- 4 Russell Brand calls Nigel Farage 'poundshop Enoch Powell' in BBC Question Time debate
- 5 Orange Wednesdays are no more
Weather bomb in pictures: Storms cuts power for tens of thousands – and snow is on the way
Jessica Chambers: 19-year-old woman 'doused with lighter fluid and burned alive' in the US
Russell Brand calls Nigel Farage 'poundshop Enoch Powell' in BBC Question Time debate
Russell Brand was rendered speechless on Question Time by this man
Fury at Airbus after it hints the super-jumbo may be mothballed
Nigel Farage: Me vs Russell Brand on Question Time – he's got the chest hair but where are his ideas?
Shock poll shows voters believe Ukip is to the left of the Tories
Disgruntled RBS worker writes hilarious open letter to Russell Brand after anti-capitalist publicity stunt leaves him hungry
New era of cheap oil 'will destroy green revolution'
Ukip founder Alan Sked and Nigel Farage 'begged Enoch Powell to stand as a candidate'
Ukip candidate jokes about 'shooting peasants' in racist and homophobic rant
iJobs Money & Business
£40000 - £470000 per annum + bonus: Ashdown Group: Java Developer / J2EE Devel...
£45000 - £55000 per annum + Benefits: Ashdown Group: An exciting opportunity h...
$125 - $175 per annum: Carlton Senior Appointments: Senior Wealth Manager In...
$200 - $350 per annum: Carlton Senior Appointments: Managing Producer Office...