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Office of the Press Secretary

For Immediate Release June 13, 1995

President Clinton today announced he intends to nominate Under Secretary of the Treasury for International Affairs Lawrence Summers to be Deputy Treasury Secretary to replace current Deputy Secretary Frank Newman, who has decided to return to the private sector.

"Larry Summers is a talented and widely respected economist. He has served me and this Administration with distinction as we have faced new international challenges. He is a man of shared vision and I have full confidence in him and in his ability to continue the strong leadership provided by Frank Newman," the President said.

As Under Secretary of the Treasury for International Affairs, Summers has had broad responsibility assisting the secretary of the Treasury on issues such as G-7 policy coordination, trade and foreign investment policy, exchange-rate policy, assistance for Russia and Mexico and U.S. participation in the international financial institutions.

Before joining this Administration, he served from 1991 to 1993 as Vice President of Development Economics and Chief Economist of the World Bank. In 1993, he 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 Foundation's Alan Waterman Award for outstanding scientific achievement. He is a fellow of the Econometric Society and of the American Academy of Arts and Sciences.

Summers served on the MIT faculty from 1979 to 1982. He became a full professor of economics at Harvard University at age 28 in 1983 and was Nathaniel Ropes Professor of Political Economy at Harvard from 1987 to 1993. He has written extensively on economic analysis and policy. He received a S.B. degree from MIT in 1975 and a Ph.D. from Harvard in 1982.

He and his wife Victoria Summers, a tax attorney, have twin daughters and a son.