Lawrence H. Summers was sworn in as the 71st Secretary of the Treasury on July 2, 1999.
From August 11, 1995 to July 2, 1999, Mr. Summers served as Deputy Secretary of the Treasury under Secretary Robert E. Rubin. Working closely to support Secretary Rubin, he played a leading role in the Departments work on issues related to international economic and financial policy, tax policy, the nations financial system, domestic policy and enforcement. From April 5, 1993 to August 10, 1995, Mr. Summers served as Under Secretary of the Treasury for International Affairs. In that position, he had broad responsibility assisting then-Secretary of the Treasury Lloyd Bentsen in the formulation and execution of international economic policies.
Prior to joining the Administration, Mr. Summers served as Vice President of Development Economics and Chief Economist of the World Bank from 1991 to 1993. As Chief Economist he sat on the Banks Loan Committee, played a key role in the design of country assistance strategies and had overall responsibility for the Banks research, statistics and external training programs.
From 1983 to 1993, Mr. Summers was a professor of economics at Harvard University. In 1987, he was named the Nathaniel Ropes Professor of Political Economy. Mr. Summers served as a Domestic Policy Economist on the Presidents Council of Economic Advisers from 1982 to 1983 and served on the faculty of the Massachusetts Institute of Technology economics department from 1979 to 1982.
In 1993, Mr. Summers was awarded the John Bates Clark Medal, given every two years to the outstanding American economist under the age of 40. He was also the first social scientist to receive the National Science Foundations Alan Waterman Award for outstanding scientific achievement. He is a fellow of the Econometric Society and the American Academy of Arts and Sciences.
Mr. Summers has written extensively on economic analysis and policy. He is the author of Understanding Unemployment, the co-author of Reform in Eastern Europe and edited the series Tax Policy and the Economy. He has contributed more than 100 articles to professional economic journals and served as editor of the Quarterly Journal of Economics from 1984 to 1990.
Mr. Summers received a B.S. degree from the Massachusetts Institute of Technology in 1975 and a Ph.D. from Harvard University in 1982.
Mr. Summers was born in New Haven, Connecticut in 1954. He and his wife, Victoria Summers, a tax attorney, have twin daughters and a son.