Peter Orszag Biography
Early Life and Education
Peter Richard Orszag, born December 16, 1968, in Boston, Massachusetts, is an American economist who attained prominence for his deal with the federal budget and financial policy. He is of Hungarian descent and was raised in a household of academics. His dad, Steven Orszag, was a mathematician and professor at Yale University, while his mother, Reba Karp Orszag, was a research scientist and pharmaceutical executive.
Orszag went to schools in New Haven, Connecticut, and later on finished from Princeton University in 1991 with a bachelor's degree in Economics. His undergraduate thesis concentrated on the relationship between economic activity and stock exchange movements. Following his graduation from Princeton, Orszag continued his college at the London School of Economics (LSE) under a Marshall Scholarship. At LSE, he earned a master's degree in Economics and acquired his doctorate in 1997 with a thesis on the role of science in economic development.
Following the conclusion of his studies at the LSE, Orszag returned to the United States, where he began his career as a staff economist at the Council of Economic Advisers in the Clinton Administration (1997-1998). Thereafter, he served as Special Assistant to the President for Economic Policy (1998-1999) and Senior Economist at the Sebago Associates Inc. (1999-2000).
In 2001, Orszag was designated as a Senior Fellow and Deputy Director of Economic Studies at the Brookings Institution, a distinguished American think tank. He has actually released various prominent documents on subjects such as taxes, social security, and healthcare.
Workplace of Management and Budget
In 2007, Orszag was appointed as the Director of the Congressional Budget Office (CBO) under the George W. Bush
Administration. Throughout his period, he worked carefully with lawmakers from both the Democratic and Republican celebrations to analyze and examine the effect of different legal propositions on the federal budget.
After Barack Obama
became President in 2008, he nominated Orszag as the Director of the Office of Management and Budget (OMB). Orszag served in that function from January 2009 to July 2010, playing an essential role in shaping the administration's response to the international monetary crisis and the implementation of the American Recovery and Reinvestment Act. In addition, he oversaw the enactment of the Affordable Care Act (ACA) and efforts to minimize the federal deficit.
Private Sector and Academic Work
Following his time at the OMB, Orszag signed up with Citigroup as Vice Chairman of Global Banking and later transitioned to Vice Chairman of Corporate and Investment Banking, where he focused on infrastructure financing, health care, and energy. In 2016, Orszag was named as the CEO of Financial Advisory at Lazard, a worldwide asset management and financial advisory company.
Along with his work in the private sector, Orszag has preserved a strong presence in academic community. He was a speaker at the University of California, Berkeley, and, in 2011, became an accessory senior fellow at the Council on Foreign Relations. He has also composed thoroughly on economic policy, contributing to various outlets, consisting of Forbes, the Financial Times, and The New York Times.
Personal and Family Life
Orszag was married to Cameron Rachel Hamill, an English teacher, and they have two children together. He is now wed to Bianna Golodryga, a journalist and tv personality. They have a son together. Orszag is popular for his dedication to fitness and is an avid runner, having finished a number of marathons.
Peter Orszag's life and career demonstrate his deep knowledge in financial policy and dedication to public service. As an economist, public servant, and economic sector executive, he has made a substantial impact in both the advancement and application of economic policies that form the United States and global economy.
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Related authors: George W. Bush (President), Barack Obama (President)