Update: The White House has now officially announced that Larry Summers is leaving his position as Director of the National Economic Council and will be returning to Harvard at the end of the year. Here’s a part of President Obama’s statement:
I will always be grateful that at a time of great peril for our country, a man of Larry’s brilliance, experience and judgment was willing to answer the call and lead our economic team. Over the past two years, he has helped guide us from the depths of the worst recession since the 1930s to renewed growth. And while we have much work ahead to repair the damage done by the recession, we are on a better path thanks in no small measure to Larry’s wise counsel.
Larry Summers is expected to depart his role as director of the National Economic Council, Bloomberg reports.
Citing three sources, Bloomberg says that the former Treasury Secretary under Clinton, former World Bank chief economist and former Harvard president will be stepping down. The White House is now looking for a corporate executive in hopes of shedding President Obama’s purported anti-corporate image. Bloomberg also reports that the administration would like to fill the role with a woman, in addition to desiring someone with the Summers’ depth of experience.
Summers’ departure would follow that of two other key figures from the Obama economic team. In July, Peter Orzag resigned as White House Budget Chief, and his replacement, Jacob Lew, currently awaits Senate confirmation. Christina Romer left her position as chair of the Council of Economic Advisors on Sept. 1. Austan Goolsbee replaced her a week and a half later.