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."
- 1 California man brutally beat 82-year-old Sikh grandfather he mistook for 'one of those people'
- 2 Charles Kennedy 'had better judgement drunk than many sober politicians' says Ian Hislop
- 5 We have six months to save the world, says leading economist
California man brutally beat 82-year-old Sikh grandfather he mistook for 'one of those people'
Sepp Blatter resigns: FBI are investigating outgoing Fifa president, claims report
Alton Towers crash: Four guests seriously injured as Smiler ride carriages collide
Charles Kennedy 'had better judgement drunk than many sober politicians' says Ian Hislop
Gay teenager 'forced to have sex with his own mother' to 'cure' his homosexuality, campaigners in India say
Thousands of teenage girls enduring debilitating illnesses after routine school cancer vaccination
Migrants in Kos: Photos show real tragedy after Brits abroad complain of 'awkward' holidays
British tourists complain that impoverished boat migrants are making holidays 'awkward' in Kos
Michael Gove determined to scrap the Human Rights Act – even if Scotland retains it
Threat to scrap Human Rights Act could see UK follow Nazi example, warns UN official
Church of England 'one generation away from extinction' after dramatic loss of followers
iJobs Money & Business
£30000 - £35000 per annum: Recruitment Genius: The UK's fastest growing, multi...
£70000 - £90000 per annum: Recruitment Genius: A Financial Reporting Manager i...
£23000 - £25000 per annum: Recruitment Genius: They win lots of awards for the...
£13500 - £20000 per annum: Recruitment Genius: This nationwide enforcement com...