Peter R. Orszag facts for kids
Quick facts for kids
Peter Orszag
|
|
|---|---|
Orszag in 2023
|
|
| 37th Director of the Office of Management and Budget | |
| In office January 20, 2009 – July 30, 2010 |
|
| President | Barack Obama |
| Deputy | Rob Nabors |
| Preceded by | Jim Nussle |
| Succeeded by | Jeff Zients (Acting) |
| 7th Director of the Congressional Budget Office | |
| In office January 18, 2007 – November 25, 2008 |
|
| Preceded by | Douglas Holtz-Eakin |
| Succeeded by | Douglas Elmendorf |
| Personal details | |
| Born |
Peter Richard Orszag
December 16, 1968 Boston, Massachusetts, U.S. |
| Political party | Democratic |
| Spouses | |
| Children | 5 |
| Education | Phillips Exeter Academy Princeton University (BA) London School of Economics (MS, PhD) |
Peter Richard Orszag (born December 16, 1968) is an American business leader and former government official. He is currently the chief executive officer (CEO) and chairman of Lazard, a big financial company. He became CEO on October 1, 2023.
Before becoming Lazard's CEO, Orszag led Lazard's Financial Advisory section from April 2019 to September 2023. He also worked as Head of North American Mergers & Acquisitions. He joined Lazard in May 2016.
Before Lazard, Orszag was a Vice Chairman at Citigroup, another large financial company. He also served in the U.S. government. He was the 37th Director of the Office of Management and Budget (OMB) under President Barack Obama. He was also the Director of the Congressional Budget Office (CBO).
Orszag is a member of the National Academy of Medicine. He serves on the boards of several important organizations. These include the Peterson Institute for International Economics and the Mount Sinai Hospital.
Contents
Early Life and Education
Peter Orszag grew up in Lexington, Massachusetts. His father, Steven Orszag, was a math professor at Yale University. His mother owned a research and development company. His family has Jewish roots from Hungary.
He graduated from Phillips Exeter Academy in 1987. He then studied economics at Princeton University, earning a degree in 1991. He continued his studies at the London School of Economics. There, he earned two more degrees, including a Ph.D. in economics in 1997.
Career Highlights
Early Career Steps
Orszag started his career as a lecturer at the University of California, Berkeley. He taught economics there in 1999 and 2000. Later, he became a senior fellow at the Brookings Institution, a research group.
He also worked for the government during the Clinton administration. He was a Special Assistant to the President for Economic Policy. He also served as a Senior Economist. After leaving the government, he started a consulting group.
Leading the Congressional Budget Office (2007-2008)
From January 2007 to November 2008, Orszag led the Congressional Budget Office (CBO). The CBO helps Congress understand how much government plans will cost. During his time, he often pointed out how rising health care costs would affect the nation's finances.
He believed the CBO should not just review plans. He thought it should also highlight important truths, even if they were hard to hear. He added many health analysts to the CBO team. This helped prepare Congress for big discussions about health care reform. People from both political parties praised his work at the CBO.
Working for President Obama (2008-2010)
On November 25, 2008, President-elect Barack Obama chose Orszag for a very important job. He became the director of the Office of Management and Budget (OMB). This White House office helps create the federal budget. It also checks how well government programs are working.
In 2009, Orszag spoke about the national debt. He said that the country's debt was growing too fast. He explained that spending money was needed to help the economy during tough times. But he also said that this spending must stop once the economy gets better. He focused a lot on health care reform during his time at the OMB. He met regularly with White House aides and health experts to discuss it.
When Orszag left his role in July 2010, many people praised him. They said he was a smart and fair person. He helped the administration deal with a very difficult economy.
Career in Finance (2011-Present)
After working for the government, Orszag joined Citigroup in 2011. He held two important roles there. He was Vice Chairman of Corporate and Investment Banking. He also chaired the Financial Strategy and Solutions Group.
In May 2016, Orszag moved to Lazard, another major financial firm. He started as Vice Chairman of Investment Banking. He later became Global Co-Head of Healthcare. In April 2019, he became CEO of Lazard's Financial Advisory section. He helped expand the use of data analytics and AI at the firm.
In early 2023, Lazard announced that Orszag would become its new CEO. He officially took on this role on October 1, 2023. He has plans to help Lazard grow even more. As of January 1, 2025, he also became the chairman of Lazard.
Personal Life
Peter Orszag has five children. He was married to Cameron Rachel Hamill, and they had two children. He later had another child with Claire Milonas. In 2010, Orszag married Bianna Golodryga. She is a well-known journalist. They have a son and a daughter together. Orszag is Jewish.
