Dear Friend and Reader,
EMPHASIZING THAT the nation’s economic recovery has to involve both “Main Street and Wall Street” President-elect Obama introduced the new White House economic team in a press conference on Nov. 24.
Aside from Timothy Geithner, the new Secretary of the Treasury and the guy whose signature will appear on our money, other economic team members will include Lawrence Summers, new head of the White House Economic Council, Christina Romer, Chair of the Economic Advisory Council and Melody Barnes, Director of the Domestic Policy Council.
Lawrence Summers is an American economist, and currently a Charles W. Eliot University professor at Harvard University’s Kennedy School of Government. Formerly President of Harvard (2001-06), he is the 1993 recipient of the John Bates Clark Medal for his work in several fields of economics and was Secretary of the Treasury for the last year and a half of the Bill Clinton administration. In three instances during his time as Harvard president, Summers made remarks that touched on political “hot-button” controversies.
Environmentalists, affirmative action advocates, many women and those concerned with women’s issues took offense and brought increasing pressure on Harvard, contributing to his resignation. Summers also proposed reforming undergraduate education and requested that professors take greater responsibility in teaching their undergraduate classes, as opposed to delegating to teaching fellows. His resignation resulted in hundreds of millions in pledged contributions being canceled by donors; Summers was widely supported by Harvard college alumni, as well as students and faculty at Harvard University’s professional schools (in particular Harvard Law School and Harvard Business School).