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Potential Candidates to Replace Larry Summers

Candidates to Replace Summers

On September 21st, Larry Summers announced that he would resign as Chairman of the National Economic Council by the end of the year, marking the third member of President Obama's team of economic advisors to leave the administration in recent months. As Summers returns to a teaching job at Harvard University, the vacuum created by his departure begs the question – who will fill the position? The answer could have a far-reaching impact on the economy, and it pays to know who will help guide the p
Photo: Getty Images

On September 21st, Larry Summers announced that he would resign as Chairman of the National Economic Council by the end of the year, marking the third member of President Obama's team of economic advisors to leave the administration in recent months.

As Summers returns to a teaching job at Harvard University, the vacuum created by his departure begs the question – who will fill the position?

The answer could have a far-reaching impact on the economy, and it pays to know who will help guide the president in his decisions.

Based upon buzz following Summer’s announcement, here are several possible candidates for this key White House position, along with credentials for each.

Posted 22 Sept 2010

Jared Bernstein

Chief Economist and Economic Policy Advisor Bernstein served as Economist at the Economic Policy Institute before joining the administration. He also served as Deputy Chief Economist for the Department of Labor under Secretary Robert Reich in the Clinton administration and is a member of the Congressional Budget Office's advisory committee.
Photo: Nicholas Kamm | AFP | Getty Images

Credentials: Chief Economist and Economic Policy Advisor for Vice President Joe Biden; Economist at the Economic Policy Institute before joining the administration. He also served as Deputy Chief Economist for the Department of Labor under Secretary Robert Reich in the Clinton administration and is a member of the Congressional Budget Office's advisory committee.

Rebecca Blank

Credentials: Professor of Economics and Public Affairs at Princeton University; co-director of former member of President Clinton’s Council of Economic Advisers and former Vice Chairman of the Federal Reserve Board of Governors.
Photo: Ryan Kelly | Congressional Quarterly | Getty Images

Credentials: Under Secretary of Commerce for Economic Affairs at Commerce Department; oversees Census Bureau and Bureau of Economic Analysis. Read her full bio here.

Alan Blinder

Credentials: Professor of Economics and Public Affairs at Princeton University; co-director of former member of President Clinton’s Council of Economic Advisers and former Vice Chairman of the Federal Reserve Board of Governors.
Photo: Ryan Kelly | Congressional Quarterly | Getty Images

Credentials: Professor of Economics and Public Affairs at Princeton University; co-director of Princeton’s Center for Economic Policy Studies;former member of President Clinton’s Council of Economic Advisers and former Vice Chairman of the Federal Reserve Board of Governors.

Erskine Bowles

Credentials: Co-Chairman of President Obama’s Deficit Commission; Bowles served in various positions in the Clinton administration, including director of the Small Business Administration, deputy White House chief of staff and White House chief of staff. He was also a member of the National Economic Council and National Security Council.

Credentials: Co-Chairman of President Obama’s Deficit Commission; President of the University of North Carolina.Bowles served in various positions in the Clinton administration, including director of the Small Business Administration, deputy White House chief of staff and White House chief of staff. He was also a member of the National Economic Council and National Security Council.

Ursula Burns

Credentials: first black woman named CEO of a Fortune 500 company; ranked 10th on Fortune magazine's top 50 Most Powerful Women in America. Chosen by the president to help lead the White House national program on STEM (science, technology, engineering and math) in and later was appointed vice chair of the President’s Export Council.
Photo: Mandel Ngan | AFP | Getty Images

Credentials: Chairman and CEO Xerox;first black woman named CEO of a Fortune 500 company; ranked 10th on Fortune magazine's top 50 Most Powerful Women in America. Chosen by the president to help lead the White House national program on STEM (science, technology, engineering and math) in and later was appointed vice chair of the President’s Export Council.

David Cote

Credentials: Chairman and CEO Honeywell; former CEO of TRW.
Photo: Jim Watson | AFP | Getty Images

Credentials: Chairman and CEO Honeywell; former CEO of TRW.

Zoe Cruz

Credentials: former Morgan Stanley co-Director. While at Morgan Stanley, she was known as the highest paid and most powerful woman on Wall Street and in 2006 made Forbes’ 100 Most Powerful Women of the World list.
Photo: Morgan Stanley

Credentials: Founder of hedge fund Voras Capital Management;former Morgan Stanley co-Director. While at Morgan Stanley, she was known as the highest paid and most powerful woman on Wall Street and in 2006 made Forbes’ 100 Most Powerful Women of the World list.

Diana Farrell

Credentials: Deputy Director, National Economic Council (Summers’ deputy); former Director of McKinsey Global Institute.
Photo: Clinton Global Initiative

Credentials: Deputy Director, National Economic Council (Summers’ deputy); former Director of McKinsey Global Institute.

Anne Mulcahy

Credentials: Former Chairman and CEO of Xerox; chosen as 2008 CEO of the Year by Chief Executive magazine. Ranked 15th on Forbes 2009 list of the Most Powerful Women in America
Photo: Frank Perry | AFP | Getty Images

Credentials: Former Chairman and CEO of Xerox; chosen as 2008 CEO of the Year by Chief Executive magazine. Ranked 15th on Forbes 2009 list of the Most Powerful Women in America

Richard Parsons

Credentials: Citigroup Chairman, Former Time Warner Chairman and CEO.
Photo: Getty Images

Credentials: Citigroup Chairman, Former Time Warner Chairman and CEO.

Laura Tyson

Credentials: Professor, University of California, Berkeley; served as Chairman of the National Economic Council and Chairman of President’s Council of Economic Advisors in the Clinton administration.
Photo: World Economic Forum

Credentials: Professor, Haas School of Business,University of California, Berkeley; served as Chairman of the National Economic Council and Chairman of President’s Council of Economic Advisors in the Clinton administration.

Mark Zandi

Credentials: Chief Economist at Moody’s Analytics and co-founder of Moody’s Economy.com.
Photo: Getty Images

Credentials: Chief Economist at Moody’s Analytics and co-founder of Moody’s Economy.com.

Gene Sperling

Credentials: Senior advisor to Treasury Secretary Timothy Giethner; held several positions in the Clinton administration, including director of the National Economic Council (same position Summers is vacating).
Photo: Getty Images

Credentials: Senior advisor to Treasury Secretary Timothy Giethner; held several positions in the Clinton administration, including director of the National Economic Council (same position Summers is vacating).