Lawrence Summers

Lawrence Henry Summers, an American economist, was born in New Haven, Connecticut, to a Jewish family. Both of his parents were economists and professors at the University of Pennsylvania. He later became a prominent figure in the field of economics and academia.

Lawrence Summers obtained his Bachelor of Science degree from the Massachusetts Institute of Technology in 1975.

In 1982, Lawrence Summers was awarded a Ph.D. from Harvard University.

In 1983, Lawrence Summers became one of the youngest individuals in recent history to be named as a tenured member of the Harvard University faculty.

In 1987, Lawrence Summers became the first social scientist ever to receive the annual Alan T. Waterman Award of the National Science Foundation (NSF).

In 1993, Lawrence Summers was awarded the John Bates Clark Medal, which is given every two years to the outstanding American economist under the age of 40.

In 1995, Lawrence Summers played a key role in designing the United States support program for Mexico in response to its financial crisis.

In 1998, as Deputy Secretary of the Treasury, Lawrence Summers testified before the U.S. Congress regarding the OTC derivatives market. He expressed skepticism about the need for additional regulation, emphasizing the capabilities of sophisticated financial institutions in protecting themselves.

On July 2, 1999, Lawrence Summers was confirmed as the Secretary of the Treasury by the United States Senate.

During the California energy crisis of 2000, Lawrence Summers, as Treasury Secretary, collaborated with Alan Greenspan and Enron executive Kenneth Lay to advise California Governor Gray Davis on the crisis. Summers advocated relaxing environmental standards to address the market concerns.

On July 1, 2001, Lawrence Summers assumed office as the 27th president of Harvard University. During his tenure, he focused on modernizing the university and expanding its academic and international reach.

In 2002, Lawrence Summers was elected to the prestigious National Academy of Sciences, a testament to his significant contributions to the field of science.

During his tenure as Harvard president, Summers had a reported 'special connection' with Jeffrey Epstein, who pledged a significant donation to Harvard and had an office at the university. Summers flew on Epstein's private plane multiple times, as revealed in flight records introduced during a 2021 trial.

In February 2004, the Winklevoss twins met with Summers to seek intervention in their dispute with Mark Zuckerberg over the creation of Facebook. Summers advised them to pursue legal action as he believed the matter was beyond the university's jurisdiction.

On March 15, 2005, members of the Harvard Faculty of Arts and Sciences passed a motion of 'lack of confidence' in the leadership of Summers, with a second motion offering a milder censure of the president also being passed.

On February 21, 2006, Summers announced his resignation as Harvard president, effective June 30, 2006. He received various benefits upon resignation, including a paid sabbatical leave and financial support.

In October 2006, Lawrence Summers was hired as a part-time managing director at the New York-based hedge fund D. E. Shaw & Co., receiving $5 million in salary and other compensation over a 16-month period.

As one of President Obama's chief economic advisors, Lawrence Summers influenced the U.S. response to the 2008 financial crisis and the challenges faced by the automobile industry.

On April 3, 2009, Lawrence Summers faced renewed criticism after it was revealed that he had received millions of dollars from companies he now had influence over as a public servant, including $5 million from D. E. Shaw and $2.7 million in speaking fees from Wall Street firms that received government bailout funds.

Lawrence H. Summers, a prominent economist, assumed office as the 71st Secretary of the Treasury in the Clinton Administration on October 2nd, 2012. He is known for his significant contributions to the U.S. economy during his tenure, including leading the country through a period of sustained economic growth and achieving a national budget surplus.

Lawrence H. Summers and Antonio Fatas published a discussion paper titled 'The Permanent Effects of Fiscal Consolidations' on October 25, 2015, focusing on monetary economics, fluctuations, macroeconomics, and growth.

In June 2016, the United Kingdom voted in favor of leaving the European Union, which was referred to by Lawrence Summers as the 'worst self-inflicted policy wound since the Second World War'. Summers also emphasized the need for 'responsible nationalism' in response to the public sentiment.

In 2021, Lawrence Summers voiced criticism against President Joe Biden's American Rescue Plan Act of 2021, labeling it as the 'least responsible macroeconomic policy in the last 40 years' and warning of potential economic recession and market instability.

Lawrence Summers discusses three important issues related to monetary policy in the post-pandemic era in the Cato Policy Report.

Patrick Gaspard and Lawrence H. Summers discuss the significance of sufficient funding for tax enforcement and administration in maintaining a healthy democracy.