The Committee to Save the World is back

Like Tim, Larry Summers also brings a singular combination of skill, intellect, and experience to the role he will play in our Administration.

As Under Secretary, Deputy Secretary, and then Secretary of the Treasury, Larry helped guide us through several major international financial crises -- and was a central architect of the policies that led to the longest economic expansion in American history, with record surpluses, rising family incomes and more than 20 million new jobs. He also championed a range of measures -- from tax credits to enhanced lending programs to consumer financial protections -- that greatly benefitted middle income families.

As a thought leader, Larry has urged us to confront the problems of income inequality and the middle class squeeze, consistently arguing that the key to a strong economy is a strong and growing middle class. This idea is the core of my own economic philosophy and will be the foundation for all of my economic policies.

And as one of the great economic minds of our time, Larry has earned a global reputation for being able to cut to the heart of the most complex and novel policy challenges. With respect to both our current financial crisis, and other pressing economic issues of our time, his thinking, writing and speaking have set the terms of the debate. I am glad he will be by my side, playing the critical role of coordinating my Administration's economic policy in the White House -- and I will rely heavily on his advice as we navigate the uncharted waters of this economic crisis.