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Top Obama Economic Adviser To Step Down

Lawrence Summers

Lawrence Summers

U.S. President Barack Obama's top economic adviser, Lawrence Summers, plans to leave the White House at the end of the year.

Summers, announcing his resignation on September 21, said he plans to return to teaching at Harvard University.

Summers was seen as one of the main architects of Obama's economic policy.

In a statement, the president said he was grateful for Summers' service during a time of "great peril for our country."

Summers, who has been head of the National Economic Council, is the third member of Obama's economic team to leave in recent months.

His resignation comes amid news that the recession ended last year, even as the U.S. economy continues to struggle with high unemployment and sluggish growth.

compiled from agency reports