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Quick facts for kids Lawrence Summers
Summers in 2012

8th Director of the National Economic Council
In office January 20, 2009 – January 20, 2011
President	Barack Obama
Deputy	Diana Farrell Jason Furman
Preceded by	Keith Hennessey
Succeeded by	Gene Sperling
27th President of Harvard University
In office July 1, 2001 – June 30, 2006
Preceded by	Neil Rudenstine
Succeeded by	Derek Bok
71st United States Secretary of the Treasury
In office July 2, 1999 – January 20, 2001
President	Bill Clinton
Deputy	Stuart E. Eizenstat
Preceded by	Robert Rubin
Succeeded by	Paul H. O'Neill
7th United States Deputy Secretary of the Treasury
In office August 11, 1995 – July 2, 1999
President	Bill Clinton
Preceded by	Frank N. Newman
Succeeded by	Stuart E. Eizenstat
Under Secretary of the Treasury for International Affairs
In office April 5, 1993 – August 11, 1995
President	Bill Clinton
Preceded by	David Mulford
Succeeded by	Jeffrey R. Shafer
Chief Economist of the World Bank
In office January 14, 1991 – January 14, 1993
President	Barber Conable Lewis Thompson Preston
Preceded by	Stanley Fischer
Succeeded by	Michael Bruno

Personal details
Born	Lawrence Henry Summers (1954-11-30) November 30, 1954 (age 70) New Haven, Connecticut, U.S.
Political party	Democratic
Spouses	Victoria Perry (m. 1984; div. 2003) Elisa New (m. 2005)
Children	3
Education	Massachusetts Institute of Technology (BS) Harvard University (MA, PhD)
Signature
Academic career

Institution	Harvard University London School of Economics
Field	Macroeconomics
School or tradition	New Keynesian economics
Doctoral advisor	Martin Feldstein
Doctoral students	Alan Krueger, Kiminori Matsuyama, James R. Hines Jr., Rhee Chang-yong
Awards	John Bates Clark Medal (1993)
Information at IDEAS / RePEc

Lawrence Henry Summers (born November 30, 1954) is an American economist. An economist studies how people and societies make choices about money and resources. Summers has held many important jobs in the United States government and at Harvard University.

He was the 71st United States Secretary of the Treasury from 1999 to 2001. This job involves managing the government's money. He also led the National Economic Council from 2009 to 2010. This group advises the President on economic issues. From 2001 to 2006, he was the president of Harvard University. Today, he is a professor at Harvard. In 2023, he joined the board of artificial general intelligence company OpenAI.

While working for President Bill Clinton, Summers helped the U.S. respond to money problems in countries like Mexico and Russia. He also played a part in changing how the U.S. financial system worked. After his time with Clinton, he became president of Harvard. He later worked for President Barack Obama during a tough economic time called the Great Recession.

Early Life and Education
Career Highlights
Personal Life
Images for kids
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Early Life and Education

Summers was born in New Haven, Connecticut, on November 30, 1954. His parents, Robert and Anita Summers, were both economists. He is also the nephew of two Nobel Prize winners in economics. He grew up in Penn Valley, Pennsylvania.

At age 16, he started studying at Massachusetts Institute of Technology (MIT). He first wanted to study physics but soon switched to economics. He finished his degree in 1975. He was also a strong debater at MIT. He then went to Harvard University for his advanced degrees. He earned his PhD in 1982. In 1983, at just 28 years old, Summers became one of the youngest full professors at Harvard. He also spent time as a visiting scholar at the London School of Economics in 1987.

Career Highlights

Academic Economist and Awards

Summers in 1990

As a researcher, Summers has made important contributions to many areas of economics. These include how governments manage money, how people earn wages, and how financial markets work. He also studied international economics and how economies develop.

In 1993, he received the John Bates Clark Medal. This award is given to an American economist under 40 who has made major contributions. In 1987, he was the first social scientist to win the Alan T. Waterman Award. This award recognizes outstanding young researchers. Summers is also a member of the National Academy of Sciences.

Public Service Roles

Summers worked for the Council of Economic Advisers under President Reagan from 1982 to 1983. This group advises the President on economic policy. He also advised Michael Dukakis during his presidential campaign in 1988.

Chief Economist at the World Bank

Summers left Harvard in 1991 to work at the World Bank. He served as the Vice President of Development Economics and Chief Economist until 1993.

In this role, Summers helped create plans to support developing countries. He also guided the bank's research and training programs. One important report he worked on showed that investing in girls' education in developing nations had a very high return.

Service in the Clinton Administration

Summers as United States Secretary of the Treasury

In 1993, Summers joined the United States Department of the Treasury under President Bill Clinton. He first served as Undersecretary for International Affairs. In 1995, he was promoted to Deputy Secretary of the Treasury. In 1999, he became the United States Secretary of the Treasury.

During his time at the Treasury, Summers focused on global economic issues. He helped the Clinton administration deal with money problems in Mexico and Russia. He also supported changes to the U.S. financial system. This included the repeal of the Glass-Steagall Act in 1999. This act had kept banks from offering both commercial and investment services. Some people later criticized this change, saying it contributed to the 2007 subprime mortgage financial crisis.

Summers also played a role in advising the Russian government on how to change its economy. He encouraged them to focus on "privatization, stabilization, and liberalization."

Financial Regulation Views

Summers believed that large financial institutions could protect themselves from risks. In 1998, he stated there was "no clear evidence of a need for additional regulation" for certain financial markets. However, after the 2008 financial crisis, his views changed. He later said that the lack of regulation in some areas was "outrageous." He also quoted John Maynard Keynes, saying, "When circumstances change, I change my opinion."

President of Harvard University

In 2001, Summers became the 27th president of Harvard University. He served in this role until June 2006. He was the first Jewish president of Harvard.

Controversies at Harvard

Summers's time as Harvard's president included some public disagreements.

Disagreement with a Professor: In 2001, Summers had a public disagreement with Professor Cornel West. This led to Professor West leaving Harvard.
Comments on Women in Science: In 2005, Summers made comments about why fewer women hold top science and engineering jobs. He suggested that differences in natural ability might be one reason, along with discrimination and upbringing. These comments caused a lot of debate and criticism. Summers apologized for his remarks.
Professor's Financial Dealings: There were also concerns about a Harvard professor's financial dealings while advising the Russian government. Harvard and the professor later settled a lawsuit related to this.

These events contributed to a vote of "lack of confidence" by some Harvard faculty members in 2005.

Resignation from Harvard

On February 21, 2006, Summers announced he would step down as Harvard's president. He left the position on June 30, 2006. After his resignation, he took a year-long break. Derek Bok, a former Harvard president, served as interim president until a new leader was chosen.

Post-Harvard Presidency Career

After his break, Summers returned to Harvard as a special professor. He also joined the board of directors for several companies. These included a hedge fund called D. E. Shaw & Co., and later, Square, a company that develops electronic payment services.

National Economic Council Director

In January 2009, President Barack Obama appointed Summers to lead the National Economic Council. In this role, he was a key advisor during the Great Recession. He helped shape the Obama administration's response to the economic crisis.

Summers faced both praise and criticism in this role. Some, like President Obama, were very happy with his work. Others, like Representative Peter DeFazio, criticized his ideas on economic stimulus. Summers generally supported tax cuts as part of the stimulus, while others wanted more spending on infrastructure.

Later Career and Advisory Roles

After leaving the National Economic Council in December 2010, Summers continued to advise various financial companies. He also rejoined Harvard as a professor. He has served on the boards of companies like Lending Club and Premise Data.

In 2013, Summers was considered to lead the Federal Reserve, the central bank of the U.S. However, he later withdrew his name from consideration. He was also asked to lead the Bank of Israel but turned down the offer.

Personal Life

Lawrence Summers was diagnosed with Hodgkin's lymphoma around 1983. He received treatment and has been cancer-free since then.

He has three children, Ruth, Pamela, and Harry, from his first marriage to Victoria Joanne Perry. In December 2005, he married English professor Elisa New. She has three daughters from a previous marriage. They live in Brookline, Massachusetts.

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