Larry Summers

The White house is looking for a replacement for Larry Summers who was serving as a director of ‘National Economic Council’. An official announcement by the Whitehouse has declared that Summers will return to Harvard. He was considered the most influential economic adviser in Obama’s team. His replacement might have been caused by the high unemployment rates or slow pace of economic recovery from recession.

Larry Summers had previously worked with the Clinton administration as ‘secretary of treasury’. Summers was being criticized for his Wall-Street connections. He is third high official to depart from the economic advisors.

Due to the current situation of the economy democrats are expecting a low response from the voters in the upcoming elections. The departure of Summers may be attributed to political reasons as people have lost confidence in Obama’s govt. regarding its ability to revive the economy. Moreover Summers was required to return to Harvard to secure his tenure over there.

Larry Summers had resigned from the post of President of Harvard in 2006 amid controversies. He was mostly criticized for his comments about the abilities of males to excel in Science and Mathematics. He will return to Harvards as a professor and is planning to write about Job creation and how to integrate developing countries in global economy. The departure of Summers will create a vacuum in the economic team of Obama administration. There are rumors that Obama would like to fill in the vacancy by a female economist or CEO. Ann Fudge and Dianna Farrell are the most prominent potential candidates for the job.


Source: