Peter R. Orszag

Peter Orszag
Born	(1968-12-16) December 16, 1968 Lexington, Massachusetts, U.S.
Occupation(s)	Corporate leader, former government official, economist
Years active	1995–present
Known for	CEO and chairman of Lazard; Director of the Office of Management and Budget; Director of the Congressional Budget Office

Peter Richard Orszag (born December 16, 1968) is an American corporate leader and former government official, presently holding the positions of CEO and chairman at Lazard. His appointment as Lazard's CEO was announced on May 26, 2023, and he officially took on the role, along with a seat on the board, starting October 1, 2023.

Before ascending to CEO, Orszag led Lazard's Financial Advisory division as its CEO from April 2019 until September 2023. His earlier roles at Lazard include serving as Head of North American Mergers & Acquisitions and Global Co-Head of Healthcare from July 2018 to June 2019. He initially joined Lazard in May 2016 as Vice Chairman of Investment Banking.

Prior to his tenure at Lazard, Orszag was Vice Chairman for Corporate and Investment Banking and also chaired the Financial Strategy and Solutions Group at Citigroup. His government service includes being the 37th Director of the Office of Management and Budget (OMB) under President Barack Obama, as well as holding the position of Director at the Congressional Budget Office (CBO).

Orszag holds membership in the National Academy of Medicine and serves on the boards of several organizations, including the Peterson Institute for International Economics, Mount Sinai Hospital, and New Visions for Public Schools in New York. Additionally, he has been a trustee of the Russell Sage Foundation.

Early life

Raised in Lexington, Massachusetts, Orszag is the son of Reba (née Karp) and Steven Orszag. His paternal great-grandparents were Jewish immigrants from Hungary who settled in New York City in 1903. His father was a mathematics professor at Yale University, while his mother ran a research and development firm. His brother, Jonathan Orszag, is Senior Managing Director at Compass Lexecon, LLC.

Orszag graduated with high honors from Phillips Exeter Academy in 1987. He then earned an A.B. in economics from Princeton University in 1991, graduating summa cum laude after completing an extensive senior thesis entitled "Congressional Oversight of the Federal Reserve". He pursued graduate studies at the London School of Economics, obtaining an M.Sc. in 1992 followed by a Ph.D. in economics in 1997; his doctoral dissertation was titled "Dynamic analysis of regime shifts under uncertainty: Applications to hyperinflation and privatization". During 1991–1992, he was a Marshall Scholar and is also a member of Phi Beta Kappa.

Early years

In 1999 and 2000, Orszag taught macroeconomics at the University of California, Berkeley. Subsequently, he became senior fellow and deputy director for economic studies at the Brookings Institution. In 2006, he co-founded The Hamilton Project and served as its director while also leading the Retirement Security Project at the Pew Charitable Trust.

During the administration of President Clinton, Orszag held positions including Special Assistant to the President for Economic Policy (1997–1998) and Senior Economist and Senior Adviser on the Council of Economic Advisers (1995–1996). After his White House tenure, he established Sebago Associates, which merged with Competition Policy Associates before being acquired by FTI Consulting Inc. for roughly $70 million in 2005. Orszag has also contributed opinion pieces as a columnist for Bloomberg Opinion.

Congressional Budget Office (2007-2008)

From January 2007 until November 2008, Orszag held the position of director at the Congressional Budget Office. During his leadership, he underscored the profound influence that escalating health care expenses would exert on the government's long-term fiscal stability and economic outlook. He stressed that the CBO's mission extended beyond merely assessing Congressional initiatives, encompassing thorough analyses that included addressing the challenges posed by healthcare costs. To bolster the office’s ability to assist Congress with health-care reform, he increased the health analysis team by adding 20 full-time analysts.

Orszag received widespread commendation for equipping the CBO to engage effectively in forthcoming fiscal discussions. When he left the role, National Journal highlighted his standing as an impartial analyst with extensive knowledge in fiscal matters such as health care policy, Social Security, pension systems, and climate change. His skillful integration of political awareness with policy evaluation and communication was particularly noted.

Office of Management and Budget (2008-2011)

On November 25, 2008, President-elect Barack Obama selected Orszag to serve as director of the Office of Management and Budget, where he was charged with developing the federal budget and ensuring the efficiency of federal programs.

In a speech delivered in November 2009, Orszag cautioned that national deficits—which were expected to add $9 trillion to an existing $12 trillion debt over ten years—posed "serious and ultimately unsustainable" risks. While he endorsed deficit spending as a necessary measure to stimulate an economy suffering from nearly 10% unemployment, he also emphasized the importance of deficit reduction as economic recovery advanced to free resources for private sector investment. By 2011, Orszag had earned a reputation as a "deficit hawk," frequently clashing with officials less concerned about long-term debt levels. He participated in Bilderberg Group meetings from 2010 through 2012 and served as a Distinguished Visiting Fellow at the Council on Foreign Relations, in addition to contributing opinion pieces to the New York Times editorial section.

In July 2010, Orszag remarked on the sluggish economic growth and persistent high unemployment despite a deficit reaching nearly 10% of GDP—the largest since World War II. The OMB's mid-session review anticipated smaller deficits and stronger growth than initially projected; however, deficit estimates increased again in 2011 to $1.42 trillion and in 2012 to $922 billion. The budget deficit was forecasted to decline to $721 billion (3.4% of GDP) by 2017 before rising once more.

Upon entering President Obama's Cabinet, Orszag made healthcare reform a top priority, conducting frequent discussions with White House staff, insurance industry leaders, and health policy experts beginning in January 2009. This initiative aligned closely with the administration’s legislative priorities following enactment of the $814 billion stimulus package under the American Recovery and Reinvestment Act of 2009.

When Orszag resigned in July 2010, the Progressive Policy Institute lauded his application of analytical precision and practical judgment during a critical phase for the economy. They credited him with helping avert a total economic collapse and establishing a foundation for recovery despite inheriting the most severe economic downturn since the Great Depression.

Citigroup (2011-2016)

Following his departure from the Obama administration, Orszag joined Citigroup in 2011, assuming the positions of Vice Chairman for Corporate and Investment Banking as well as Chairman of the Financial Strategy and Solutions Group. His appointment underscored Citi's dedication to intellectual leadership within the financial sector by utilizing Orszag's governmental expertise. A 2011 article in New York Magazine emphasized Orszag’s deliberate career move, which aligned with the "Rubinism" philosophy—advocating for free-market principles, fiscal responsibility, and restrained regulation—demonstrating a practical stance on economic policy and engagement with Wall Street. This approach stood in contrast to the more theoretical "Stiglitzism," despite Orszag sharing a similar academic foundation with Stiglitz. In 2015, while retaining his responsibilities at Citi, Orszag rejoined the Brookings Institution as a non-resident senior fellow in Economic Studies, merging leadership in finance with ongoing policy research.

Lazard (2016-present)

Orszag became part of Lazard's team in May 2016, taking on the roles of Vice Chairman of Investment Banking and managing director. By July 2018, he was appointed Global Co-Head of Healthcare and later advanced to Head of North American M&A. As of June 2019, he held leadership over both North American M&A and Global Healthcare divisions. In April 2019, he stepped into the role of CEO for Lazard's Financial Advisory segment, managing advisory services directed at corporations and governments. He initiated Lazard Geopolitical Advisory in 2022 and broadened the application of data analytics and artificial intelligence throughout the firm’s banking and asset management sectors.

After being named future CEO early in 2023, Orszag outlined an objective to double Lazard’s revenue by 2030. He officially took on the CEO position on October 1, 2023, announcing plans to recruit ten new managing directors annually to facilitate expansion. In January 2024, his board appointments included former PayPal CEO Dan Schulman and ex-Ernst & Young chairman Stephen R. Howe Jr. By mid-2024, Orszag aimed to pursue acquisitions within private credit, infrastructure, and real estate to strengthen asset management capabilities.

Starting January 1, 2025, Orszag’s responsibilities extended to encompass both CEO and chairman roles.

Personal life

Orszag’s first marriage was to Cameron Rachel Hamill; they had two children before their divorce. In 2009, he fathered a child with Claire Milonas, daughter of shipping tycoon Spiros Milonas. The following year, he wed Bianna Golodryga, who was then co-hosting ABC's GMA Weekend. Together they have a son and a daughter. Orszag is of Jewish heritage. In 2014, a court ruled in his favor regarding a child support dispute initiated by his first wife.

Bibliography

• Orszag, Peter. 1999. Administrative Costs in Individual Accounts in the United Kingdom. Washington, DC: Center on Budget and Policy Priorities
• Orszag, Peter and Joseph E. Stiglitz. "Rethinking Pension Reform: Ten Myths about Social Security Systems." In Robert Holzman and Joseph Stiglitz, eds., New Ideas about Old Age Security. (The World Bank: 2001).
• Orszag, Peter, J. Michael Orszag. "The Benefits of Flexible Funding: Implications for Pension Reform in an Uncertain World." In Annual Bank Conference on Development Economics. (The World Bank: 2001).
• Orszag, Peter, et al. American Economic Policy in the 1990s (MIT Press: 2002)
• Orszag, Peter, et al. Protecting the American Homeland: A Preliminary Analysis (Brookings Institution Press: 2002)
• "Implications of the New Fannie Mae and Freddie Mac Risk-Based Capital Standard" (March).Fannie Mae Papers 1, no. 2 (March 2002)
• Orszag, Peter, et al. Saving Social Security: A Balanced Approach (Brookings Institution Press: 2004)
• Orszag, Peter and Diamond, Peter, Saving Social Security: The Diamond-Orszag Plan (Brookings Institution: Apr. 2005)
• Orszag, Peter, et al. Protecting the Homeland 2006/7 (Brookings Institution Press: 2006)
• Orszag, Peter, et al. Aging Gracefully: Ideas to Improve Retirement Security in America (Century Foundation Press: 2006)
• Orszag, Peter | title=Climate Change Economics | newspaper=Washington Post | date=July 9, 2008
• Orszag, Peter R. | title=CBO's Analysis of Dodd Substitute Amendment for H.R. 1424 | date=October 1, 2008 | publisher=Congressional Budget Office

External links

• Biographies of OMB leadership
• New Yorker feature article, May 4, 2009
• Peter Orszag columns and articles on Bloomberg Press

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