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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Photos Full Coverage Sitemap Summers latest member of Obama economic team to quit AFP - 2 hours 41 minutes ago Send IM Story Print Summers latest member of Obama economic team to quit WASHINGTON (AFP) - – The shakeup of President Barack Obama's economic team continued as Lawrence Summers announced he would leave at the end of the year to return to teaching at Harvard University. Summers, seen as one of the main architects of Obama's economic policy, announced plans to leave on the heels of the resignations of Christina Romer, chair of the White House Council of Economic Advisors, and budget director Peter Orszag. The upheaval in the economic team comes amid news that the recession ended last year even if the world's biggest economy continues to struggle with high unemployment and sluggish growth. It also comes ahead of November congressional elections in which voters are seen as increasingly impatient on the recovery from the long slump. Critics of Obama's economic policy have focused some of their energy on Summers, and House Minority Leader John Boehner had called on Obama to fire him. Summers, a former Treasury chief, has been head of the National Economic Council, and a chief architect of economic policy for the White House. "I will always be grateful that at a time of great peril for our country, a man of Larry's brilliance, experience and judgment was willing to answer the call and lead our economic team," Obama said in a statement. "Over the past two years, he has helped guide us from the depths of the worst recession since the 1930s to renewed growth. And while we have much work ahead to repair the damage done by the recession, we are on a better path thanks in no small measure to Larry's wise counsel." Obama said he would still seek "his continued advice and his counsel on an informal basis," and added that Summers has agreed to serve as a member of the president's Economic Advisory Board. Treasury Secretary Tim Geithner also praised Summers' contribution. "Few economists can claim as big an imprint on American history as Larry Summers," Geithner said. "In the 1990s, he was instrumental in fostering a period of shared and lasting economic growth. And over the past few years, his insights have been essential to helping President Obama guide us through the worst economic crisis since the Great Depression. Larry always asks the tough questions and forces the hard debate about the best way forward for our economy and for our country." Asked about the recovery from recession, White House spokesman Robert Gibbs said it is a long-term process that cannot be fixed by one person. "I just think it's going to take a long time to get out of the hole that we found ourselves in," Gibbs said. "There weren't any quick fixes. There aren't any silver bullets. If there were, we would have done so." Summers spent a decade teaching at Harvard and the Massachusetts Institute of Technology (MIT), before joining the World Bank as chief economist in 1991. Two years later, during Bill Clinton's first term, Summers entered the Treasury as under-secretary for international affairs. He later became deputy secretary of the Treasury under Robert Rubin, and succeeded Rubin as secretary in the waning years of the Clinton administration. During Summers' time at the Treasury, he dealt with the US response to financial crises in emerging economies such as Mexico and South Korea. After leaving the Treasury Department in 2001, Summers was appointed president of Harvard. He resigned from the post in 2006 after relations with the faculty broke down, in part because of controversial remarks he made at an academic conference, when he said women might lack "intrinsic aptitude" in science and math, explaining why they were underrepresented in those fields. 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