NBC News has confirmed that Larry Summers will be leaving the Obama administration and returning to his teaching job at Harvard University.
A former Treasury secretary known for his outspokenness, Summers brought years of experience in economic policymaking to his job as director of the White House National Economic Council.
But he has been criticized by some liberal Democrats as too close to Wall Street and there were reports of clashes on the economic team.
Summers will be the third high-ranking economic official to depart, leaving Treasury Secretary Timothy Geithner as the sole senior member of that team still in his original job.
What should you make of it?
It sets up some economic uncertainty about what the White House positions are in the future, explains CNBC's Eamon Javers.
Larry Summers was always the voice of restraint, adds Joe Terranova. The Street sees him as someone pro-business who has the President’s ear.
I don’t think this signals a significant policy shift in the near-term, adds CNBC Chief Washington Correspondent John Harwood. Also Larry Summers had a two year window in which to return to his position at Harvard.
Read More:
> Obama's Key Economic Aide Plans to Leave by End of Year
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