On January 20, 2001, Lawrence Summers left his position as the 71st Secretary of the Treasury. His time at the Treasury was marked by the longest period of economic growth in U.S. history. He engineered a historic paydown of U.S. debt through the first repurchase of government bonds in 70 years. He worked to successfully extend the life of Social Security and Medicare trust funds, and oversaw the enactment of the most sweeping financial deregulation in 60 years. Internationally, he spearheaded major reforms of the International Monetary Fund and World Bank, rebuilt the international financial structure and strengthened anti-money laundering programs.

A Time magazine cover proclaimed Summers, along with Federal Reserve Board Chairman Alan Greenspan and former Treasury Secretary Robert E. Rubin as the "Committee to Save the World," for their successful efforts to contain the Asian financial crisis. The Economist magazine has called him "the world's most powerful economist," comparing his influence to that of Henry Kissinger.

As Treasury Secretary, Summers led an agency of more than 150,000 employees, which included the Internal Revenue Service, the Customs Service, the Bureau of Alcohol, Tobacco and Firearms, the Federal Law Enforcement Training Center and the Financial Crimes Enforcement Network. He was the Managing Trustee of the Social Security and Medicare Trust funds, and U.S. Governor of the International Monetary Fund. Mr. Summers also served on the President's National Economic Council.

Mr. Summers' tenure with the Department of the Treasury began in 1993, first as Under Secretary for International Affairs and, from 1995, as Deputy Secretary. Summers, and then Treasury Secretary Robert Rubin successfully led the U.S. provision of financial assistance to Mexico during its economic crisis in the late 1990s. He also played a leading role in the department's work on issues related to international economic and financial policy, tax policy, the nation's financial system, and domestic policy. He also developed the Treasury's new inflation-indexed bonds, which were hailed as an important debt management innovation.