Peter R. Orszag facts for kids
Quick facts for kids
Peter Orszag
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Orszag in 2023
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| 37th Director of the Office of Management and Budget | |
| In office January 20, 2009 – July 20, 2010 |
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| 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 |
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| 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 major financial advisory and asset management firm. He took on the CEO role on October 1, 2023, and also joined the company's board.
Before becoming Lazard's CEO, Orszag led the company's Financial Advisory section from April 2019 to September 2023. He also worked as the Head of North American Mergers & Acquisitions and Global Co-Head of Healthcare at Lazard. He first joined Lazard in May 2016 as a Vice Chairman of Investment Banking.
Before working at Lazard, Orszag was a Vice Chairman at Citigroup, another large financial company. He also held important government jobs. He was the 37th Director of the Office of Management and Budget (OMB) under President Barack Obama. Before that, he was the Director of the Congressional Budget Office (CBO).
Orszag is part of the National Academy of Medicine. He also serves on the boards of several important organizations, including the Peterson Institute for International Economics and the Mount Sinai Hospital.
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Early Life and Education
Peter Orszag grew up in Lexington, Massachusetts. His father, Steven Orszag, was a math professor at Yale University, and his mother ran a research and development company. His family has Hungarian-Jewish roots.
He graduated from Phillips Exeter Academy in 1987. Then, he went to Princeton University, where he earned a degree in economics in 1991. He later studied at the London School of Economics, earning a Master's degree in 1992 and a Ph.D. in economics in 1997. He was also a Marshall Scholar, which is a special scholarship for students to study in the UK.
Career Highlights
Starting His Career
Orszag began his career as a lecturer at the University of California, Berkeley, teaching macroeconomics in 1999 and 2000. He then became a senior fellow at the Brookings Institution, a well-known research organization. In 2006, he helped start and direct The Hamilton Project, which focuses on economic policy.
He also worked in the government during the Clinton administration. He was a Special Assistant to the President for Economic Policy from 1997 to 1998. He also advised the Council of Economic Advisers from 1995 to 1996. After leaving the Clinton White House, he co-founded a consulting group.
Leading the Congressional Budget Office (2007-2008)
Peter Orszag was the director of the Congressional Budget Office (CBO) from January 2007 to November 2008. The CBO provides independent analysis of the economy and budget for Congress. During his time there, he often pointed out how rising healthcare costs could cause long-term financial problems for the government. He believed the CBO's job was to help Congress understand important economic issues, even if they were difficult to hear. He added more health analysts to the CBO team to help prepare Congress for future healthcare reforms.
Many lawmakers from both major parties praised Orszag for his work at the CBO. They saw him as an objective expert with deep knowledge of important financial topics like healthcare and Social Security.
Working for President Obama (2008-2010)
On November 25, 2008, President-elect Barack Obama chose Orszag to be the director of the Office of Management and Budget (OMB). The OMB is a part of the White House that helps create the federal budget and makes sure government programs are working well.
In 2009, Orszag spoke about the national debt, which was growing very quickly. He said that while spending money was necessary to help the economy during a tough time, the government needed to stop increasing the debt once the economy recovered. He focused a lot on healthcare reform as soon as he joined Obama's Cabinet. He had many meetings with insurance leaders and health experts as the White House made health reform a top priority.
When Orszag resigned in July 2010, many people praised his work. They said he brought strong analysis and clear communication to the administration's plans, especially during a very difficult economic period.
Career in Finance (2011-Present)
After leaving the Obama administration, Orszag joined Citigroup in 2011. He held important roles there, including Vice Chairman of Corporate and Investment Banking. This meant he helped advise large companies on financial matters.
In May 2016, Orszag moved to Lazard, another major financial firm. He started as a Vice Chairman of Investment Banking. He later became the Global Co-Head of Healthcare and then the Head of North American Mergers & Acquisitions. In April 2019, he became the CEO of Lazard's Financial Advisory section, overseeing the firm's advice to companies and governments. He also helped expand the use of data analytics and AI within Lazard.
In 2023, it was announced that Orszag would become the overall CEO of Lazard. He took on this role on October 1, 2023. He has shared plans to significantly grow Lazard's business in the coming years. Starting January 1, 2025, he will also become the chairman of the company.
Personal Life
Peter Orszag has five children. He was married to Cameron Rachel Hamill, and they had two children before they divorced. In 2010, he married Bianna Golodryga, who is a well-known journalist. They have a son and a daughter together. Orszag is Jewish.
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