Lawrence “Larry” Summers Plans To Step Down

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WASHINGTON (GaeaTimes.com)-The White House Officials announced yesterday that Lawrence “Larry” Summers, the Director of the White House National Economic Council for President Barack Obama will step down from his post after November’s mid-term elections. After Christina Romer, chair of Council of Economic Advisers and Peter Orzag’s resignations, Lawrence “Larry” Summers is going to be the third key economic advisors to leave President Barack Obama’s administration this year. The fourth economic adviser Treasury Secretary Timothy Geithner, however, will continue to serve the President’s office.

A reputed media source reported that Lawrence “Larry” Summers‘ resignation might shake up President Barack Obama’s economic team that has received criticisms previously for handling the recovery from recession. A senior administrative official of the White House reportedly said that “last fall” President Barack Obama asked Lawrence “Larry” Summers to stay through 2010 to be a part of the financial reform of U.S. and implementation of the “economic” recovery program. The official said that this announcement is a part of Lawrence “Larry” Summers’ previous plan to return to Harvard.

President Barack Obama released a statement last evening announcing Lawrence “Larry” Summers departure. In the statement it was maintained that the President will always be grateful to Lawrence “Larry” Summers as at the time of the country’s economic turmoil he was “willing” to answer the calls of the public and lead the economic team of the country. The statement also maintained that over the past two years the Director of the White House National Economic Council had guided everyone to come out of the “worst recession” to renewed growth. Lawrence “Larry” Summers also said in his statement that he will miss working with the President.