Who is Larry Summers?
Larry Summers, born on November 30, 1954, is an American economist. He held the position of the 71st United States Secretary of the Treasury from 1999 to 2001 and served as the director of the National Economic Council from 2009 to 2010. Additionally, Summers served as the president of Harvard University from 2001 to 2006, where he currently holds the title of Charles W. Eliot university professor and directs the Mossavar-Rahmani Center for Business and Government at Harvard Kennedy School. In November 2023, Summers joined the board of directors of the artificial general intelligence company OpenAI.
Bio/Wiki
Age- 68 years
Height- 1.75 m
Born- 30 November 1954
Birthplace- New Haven, Connecticut, United States
Spouse- Elisa New (m. 2005), Victoria Perry (m. 1984–2003)
Profession- Former United States Secretary of the Treasury
Nationality- American
Party-Party
Larry Summers’s Parents
Born into a Jewish family on November 30, 1954, in New Haven, Connecticut, Lawrence Summers is the son of two economists, Robert Summers and Anita Summers. Both of his parents were professors at the University of Pennsylvania. Additionally, he is the nephew of two Nobel laureates in economics: Paul Samuelson (brother of Robert Summers) and Kenneth Arrow (brother of Anita Arrow Summers).
Larry Summers’s Wife and Children
Lawrence Summers is married to Victoria Joanne Perry in 1984, and from his first marriage, he has three children—a son named Harry and older twin daughters named Ruth and Pamela. However, the marriage ended in divorce in 2003. In December 2005, Summers entered a new chapter in his personal life by marrying English professor Elisa New. Elisa New brings three daughters from her previous marriage—Yael, Orli, and Maya—into the blended family.
Larry Summers’s Education
At the age of 16, he enrolled at the Massachusetts Institute of Technology (MIT), initially pursuing physics but later changing his focus to economics and graduating in 1975. During his time at MIT, he was a dedicated member of the debating team, earning qualification for the annual National Debate Tournament on three occasions. Subsequently, he pursued graduate studies at Harvard University, completing his Ph.D. in 1982. Remarkably, at the age of 28 in 1983, Summers achieved the distinction of becoming one of the youngest individuals to attain tenure as a professor in Harvard’s history.
Larry Summers’s Career
In 1983, Lawrence Summers became a professor of economics at Harvard University. His career took various turns, including serving as the Chief Economist of the World Bank from 1991 to 1993. Summers later held key positions in the United States Department of the Treasury, initially as Under Secretary for International Affairs in 1993 and later as Deputy Secretary in 1995 under Robert Rubin. In 1999, he succeeded Rubin as the Secretary of the Treasury.During his tenure with the Clinton administration, Summers played a pivotal role in addressing international economic crises and shaping economic policies, including involvement in the response to the 1994 economic crisis in Mexico, the 1997 Asian financial crisis, and the Russian financial crisis. He was also influential in initiatives like the Harvard Institute for International Development, American-advised privatization in post-Soviet states, and the deregulation of the U.S. financial system, including the repeal of the Glass-Steagall Act.
After serving as the 27th president of Harvard University from 2001 to 2006, Summers faced controversy and resigned amid a no-confidence vote by Harvard faculty. Post-Harvard, he worked as a managing partner at the hedge fund D. E. Shaw & Co. Returning to public service during the Obama administration, Summers became the Director of the White House United States National Economic Council from January 2009 to November 2010. In this role, he played a key role in shaping economic policies in response to the Great Recession.
In July 2015, Lawrence Summers joined the Board of Directors of Premise Data, a San Francisco-based data and analytics technology company. In April 2016, he was among eight former Treasury secretaries advocating for the United Kingdom to remain in the European Union before the June 2016 Referendum.
Summers criticized the UK’s “Brexit” vote in June 2016, calling it the “worst self-inflicted policy wound since the Second World War.” He saw it as a wake-up call for elites and advocated for “responsible nationalism” in response to growing public sentiment. In the same month, Summers expressed concerns about the potential economic risks of a Donald Trump presidency, predicting a protracted recession within 18 months if Trump were elected. Progressive groups later called on Joe Biden’s 2020 presidential campaign to stop using Summers as an advisor, citing his legacy and policies contributing to inequality and climate issues. Summers, in response, announced he would not join a future Biden administration if Biden won the 2020 presidential election. In November 2023, Lawrence Summers became a member of the board of directors of OpenAI, an artificial general intelligence company.
Larry Summers’s Illness
In 1983, at the age of 28, summers faced a diagnosis of Hodgkin’s lymphoma. Successfully undergoing treatment, he has remained cancer-free since then.
Larry Summers’s Net Worth, 2023
Larry Summers disclosed a net worth ranging from $17 million to $39 million.
Larry Summers Joins OpenAI Board
Economist Larry Summers, a former official in the Obama and Clinton administrations, is set to join the restructured OpenAI board. This development comes shortly after the return of CEO Sam Altman, who was recently ousted by the previous board. The revamped board, signaling a significant shift, also includes Bret Taylor, former co-CEO of Salesforce, as the chair, and the retention of Adam D’Angelo, CEO of Quora.
Summers, with a wealth of leadership experience in politics and as the former president of Harvard University, brings a diverse perspective. His current board positions include Block, the company behind Cash App, and the software company Skillsoft. This change in the OpenAI board reflects a notable evolution in its leadership structure.
