White House press office today confirms that Larry Summers will be stepping down as head of the National Economic Council at the end of the year:
Dr. Summers said “I will miss working with the President and his team on the daily challenges of economic policy making. I’m looking forward to returning to Harvard to teach and write about the economic fundamentals of job creation and stable finance as well as the integration of rising and developing countries into the global system.”
I think it’s easy to make too much of these staff comings-and-goings. The fact of the matter is that White House senior staff never stick around forever. Jason Furman, one of Summers’ deputies, is the guy I thought would do the job in the first place and I think would be a natural fit. I know less about the other deputy, Diana Farrell, but tapping her would avoid an all-boys economic policy team.