Economic Advisor of the White House Steps Down

Added by James Morley on September 22, 2010

One of the best economic advisers of the White House, Larry Summers, stated yesterday that he will resign from his current position which will lead to a significant change in President Barack Obama’s administration as it’s currently being pressured to support the US still sluggish economy. Summers intends to take back his teacher job at Harvard University by 2011 and stated that he’s looking forward to returning to Harvard to teach and write’ about financial issues and the economy.

Rumors around the White House could have foreseen Summers’ decision  as it was said that clashes between the economic team were going down. Also, Summers had previously been criticized by the opposite party for having close connections to Wall Street.

However, sources around Summers’ said that although president Obama had asked him last year to remain as part of his team throughout year 2010 to help with the reform and recovery plan, the economic expert had a plan of returning to Harvard and didn’t plan to stay at the White House for over 2 years.

Since Summers represented a reliable advisor for Barack Obama during the financial crisis back in 2008 and 2009, the president stated that he’d continue to ask for Larry Summers’ advice on an informal basis.