Robert Rubin facts for kids

This page is about the U.S economist and Secretary of the Treasury. For the mathematician, see Robert Joshua Rubin.

Quick facts for kids Robert Rubin
Rubin in 2014

Chairman of the Council on Foreign Relations
In office June 30, 2007 – July 1, 2017 Serving with Carla Hills
President	Richard Haass
Preceded by	Peter George Peterson
Succeeded by	David Rubenstein
70th United States Secretary of the Treasury
In office January 11, 1995 – July 2, 1999
President	Bill Clinton
Deputy	Frank N. Newman Larry Summers
Preceded by	Lloyd Bentsen
Succeeded by	Larry Summers
1st Director of the National Economic Council
In office January 25, 1993 – January 11, 1995
President	Bill Clinton
Preceded by	Position established
Succeeded by	Laura Tyson

Personal details
Born	Robert Edward Rubin (1938-08-29) August 29, 1938 (age 86) New York City, New York, U.S.
Political party	Democratic
Spouse	Judith Oxenberg
Children	2
Education	Harvard University (BA) London School of Economics Yale University (LLB)
Signature
Website	robertrubin.com

Robert Edward Rubin (born August 29, 1938) is an American who worked as a banking executive and a lawyer. He also served as a very important government official. He was the 70th U.S. Secretary of the Treasury during Bill Clinton's time as president.

Before working for the government, Rubin spent 26 years at Goldman Sachs, a big investment bank. He even became a co-chairman there. Many people believe Rubin helped create the strong economy during the Clinton years. This included important laws like the 1993 Deficit Reduction Act. However, some people later said that his policies might have played a part in the 2008 financial crisis.

As of 2025, Rubin is still involved with several groups. He helped start The Hamilton Project, which focuses on economic policy. He is also a co-chair emeritus of the Council on Foreign Relations.

Robert Rubin's Early Life

Robert Rubin was born on August 29, 1938, in New York City. His parents were Sylvia and Alexander Rubin. When he was young, his family moved to Miami Beach, Florida. He graduated from Miami Beach Senior High School.

In 1960, Rubin earned a degree in economics from Harvard College. He then started at Harvard Law School but left after only three days to travel the world. Later, he studied at the London School of Economics. He received his law degree from Yale Law School in 1964.

Robert Rubin's Early Career

From 1964 to 1966, Rubin worked as a lawyer in New York City. In 1966, he joined Goldman Sachs. He started in a department that dealt with financial risks. He later became a co-chief operating officer. By 1990, he was a co-senior partner and co-chairman of the company.

Rubin also helped with political campaigns. He was the finance chairman in New York for Walter Mondale's presidential campaign in 1984. He also led the group that organized the 1992 Democratic National Convention in New York. He served on the board of the New York Stock Exchange. He also advised New York Governor Mario Cuomo and Mayor David Dinkins.

Robert Rubin in the Clinton Administration

From 1993 to 1995, Robert Rubin worked in the White House. He was the Assistant to the President for Economic Policy. In this role, he led the National Economic Council (NEC). President Bill Clinton created the NEC to help coordinate economic policies. This included plans for the budget, taxes, and international trade. The NEC helped make sure that different government departments worked together.

The 1993 Deficit Reduction Act

Rubin strongly encouraged President Clinton to focus on reducing the national debt. He was a key person behind Clinton's 1993 Deficit Reduction Act. Supporters of this law said it helped create the budget surplus and strong economy of the late 1990s. However, opponents noted that it raised taxes. Rubin pushed for higher taxes on people with high incomes. This budget deal helped convince financial markets that the new president was serious about the debt. This led to lower interest rates and economic growth.

Secretary of the Treasury

Robert Rubin's official Treasury portrait, 1999

President Clinton nominated Rubin to be the Treasury Secretary in December 1994. On January 10, 1995, Rubin became the 70th United States Secretary of the Treasury. The U.S. Senate approved him with a vote of 99-0.

Rubin's time as Treasury Secretary was a period of great economic success for the U.S. He is seen as one of the main reasons for this growth. During his time, unemployment fell, the budget went from a deficit to a surplus, and inflation stayed low. When he resigned in 1999, his deputy, Lawrence Summers, took over. Many people, including Senator Chuck Hagel, praised Rubin for putting good policy before politics. President Clinton even called him "the greatest secretary of the Treasury since Alexander Hamilton."

International Financial Crises in the 1990s

When Rubin became Treasury Secretary in 1995, he immediately faced the Mexican peso crisis. Mexico was close to not being able to pay its debts. President Clinton, with advice from Rubin, provided $20 billion in U.S. loan guarantees to Mexico. Mexico recovered, and the U.S. Treasury even made a profit from the loan.

In 1997 and 1998, Rubin, along with Alan Greenspan (head of the Federal Reserve) and Larry Summers, worked to respond to financial crises. These crises happened in Russia, Asia, and Latin America. They worked with the International Monetary Fund to help these countries. Time Magazine even called them "The Committee to Save the World."

Balanced Budget Agreement

Rubin believed that a balanced budget and a strong dollar would help lower interest rates. He argued that balancing the federal budget would benefit everyone. Rubin was the main negotiator for the Clinton administration with the Republican-controlled Congress on the balanced budget deal. The Balanced Budget Act of 1997 is considered a major achievement of his time as Treasury Secretary.

Rules for Financial Products

In 1998, Rubin and Alan Greenspan did not support giving a government agency (the CFTC) control over certain complex financial products called "credit derivatives." These products were later not regulated by the CFTC. Some reports suggest that these unregulated derivatives played a big part in the 2008 financial crisis.

Rubin later said that he believed derivatives could cause big problems. He also said that many people using them did not fully understand the risks. In 2010, former President Clinton said that Rubin's advice not to regulate derivatives was wrong. However, a Clinton adviser later clarified that Clinton still believed Rubin gave excellent advice on the economy.

Urban Policy Efforts

Rubin was a strong supporter of investing in struggling rural and urban communities. He worked to expand the Community Reinvestment Act. This law encourages banks to lend money in low-income areas. He also pushed for more community development financial institutions (CDFIs) to invest in inner cities. Helping people in poor urban areas was a top goal for Rubin. He also helped with plans to create "empowerment zones." These zones offered tax breaks for businesses that invested in them.

Changes to the Glass-Steagall Act

As Treasury Secretary, Robert Rubin believed that the Glass-Steagall Act was outdated. This law had separated banking and investment activities. In 1998, a big merger happened between Travelers Group and Citicorp. This merger went against the Glass-Steagall Act. Rubin resigned from the Clinton administration in July 1999. In October 1999, he joined Citigroup. The Glass-Steagall Act was officially repealed by a new law in November 1999, after Rubin had left the Treasury.

Robert Rubin's Career After Government

Local Initiatives Support Corporation

After leaving the Clinton administration, Rubin became chairman of the board for the Local Initiatives Support Corporation (LISC). LISC helps develop communities. An editorial in the Chicago Tribune noted that Rubin was passionate about using business investment to fight poverty. This was true even when he was a Wall Street executive.

Citigroup

Rubin joined Citigroup in 1999 as chairman of the executive committee. His role at Citigroup involved meeting with clients and leaders, bringing in business, and advising the bank's leadership. He stated publicly that he was not interested in running the bank.

After the 2008 financial crisis, some critics argued that Rubin's role at Citigroup led to the bank taking on too much risk. This exposed the bank to greater losses. The U.S. government had to provide $45 billion to help Citigroup in 2008. Citigroup later repaid this money, and the government made a profit.

In 2008, investors filed a lawsuit against Citigroup executives, including Rubin. They claimed that executives sold shares at high prices while hiding the bank's risks. Citigroup settled the lawsuit in 2012, paying $590 million. They did not admit any wrongdoing. Rubin resigned from Citigroup in 2009. He received a large amount of money from Citigroup during his time there. A government commission later investigated Rubin's role at Citigroup. They referred him for further investigation, but the Department of Justice did not take any action against him.

Other Work and Activities

From 2002 to 2014, Rubin was a member of the Harvard Corporation. This is the main governing board of Harvard University.

As of 2025, Rubin is involved with The Hamilton Project, an economic policy group he co-founded. He is also a co-chairman emeritus of the Council on Foreign Relations. He serves on the board of the Mount Sinai Health System. He is also a senior counselor at Centerview Partners, an investment banking firm.

Rubin was also part of the Africa Progress Panel. This group worked to promote fair development in Africa. He also served on the Global Citizenship Commission. This group looked at updating the United Nations' 1948 Universal Declaration on Human Rights.

Books by Robert Rubin

Rubin wrote a book called In an Uncertain World: Tough Choices from Wall Street to Washington. He wrote it with Jacob Weisberg. This book became a New York Times bestseller. It was also named one of Business Week's best business books of 2003.

His second book, The Yellow Pad: Making Better Decisions in an Uncertain World, was published in May 2023. In this book, he writes about how to make good decisions when things are uncertain. Bloomberg News named it one of the "Best Books of 2023."

Robert Rubin's Policy Views

Economic Policies

Rubin has always supported careful spending by the government and investing in public projects. As Treasury Secretary, he worked to turn the federal budget deficit into a surplus. He has spoken out against large budget deficits. He is also known for developing the "strong dollar policy," which has been a key part of U.S. economic policy since his time at the Treasury.

He is often described as a moderate Democrat who supports economic growth. The Chicago Tribune and Associated Press have said that Rubin's policies helped the U.S. economy grow in the 1990s. However, some Republicans criticized him for not cutting taxes enough. Some Democrats have said his policies contributed to the 2008 financial crisis.

Rubin supports tax policies that help low- and middle-income Americans. He has opposed tax cuts that mostly benefit high earners. During the Biden administration, Rubin and other former Treasury secretaries supported the Inflation Reduction Act. He also supported a permanent child tax credit.

In 2016, he was one of eight former Treasury secretaries who asked the United Kingdom to stay in the European Union.

Climate Change Policies

Rubin is very interested in climate change. In 2014, he was on the U.S. Climate Risk Committee. This committee studied the economic risks of climate change in the United States. In 2015, he spoke about the economic effects of climate change. He said that not acting on climate change would be very costly. He called climate change "the existential threat of our age."

He suggested three ideas to help deal with climate change risks. These included changing how we measure the economy to include climate costs. He also suggested that companies tell investors about the costs of their carbon emissions. Finally, he proposed that the government include future climate change costs in its budget plans.

In 2016, Rubin and other former Treasury secretaries urged regulators to manage financial information about climate change.

Robert Rubin's Personal Life

Robert Rubin and his wife, Judith O. Rubin, have two adult sons. Their names are James Rubin and Philip Rubin. The Rubins were long-time members of Temple Beth Sholom in Miami Beach.