Saturday, August 7, 2010

Economic Advisor Romer Resigning

Official portrait of Christina Romer, Chair of...Image via Wikipedia
Council of Economic Advisors chair Christina Romer is resigning effective September 3rd, which, combined with Peter Orszag's departure, leaves the Obama economic team without two of its lead players. Romer will return to her old job as an economics professor at the University of California at Berkeley.

She said that despite her own dissatisfaction with the high level of unemployment, she leaves feeling good about the sweeping policies and interventions the government took under Obama. Among them was the costliest government effort ever to stimulate the economy and spur private job creation.

Some rumor that Romer leaves due to diagreements with Larry Summers, but Romer own comments belie that allegation as not true.  Romer cast disagreements among key players on the White House economic team as a healthy part of reaching tough policy decisions.

"Everybody knows we're all strong personalities," Romer told The Associated Press on Friday. "We don't hesitate to have a very aggressive back and forth. But I think one of the things that we have done is absolutely find our groove. We're a wonderful team."

Romer has long signaled that her time in Washington would be temporary; her husband, economist David Romer, has been on leave from his own post at Berkeley and their teenage son is due to start high school this fall.

Romer is also considered a serious candidate to replace Janet Yellen as president of the Federal Reserve Bank of San Francisco, one of the most important jobs in the Fed system. Yellen was recently named vice chairman of the Federal Reserve.

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