Former U.S. Treasury Secretary Larry Summers has announced he will step back from several public and advisory roles after the release of thousands of emails revealing long-running contact with the late convicted sex offender Jeffrey Epstein. The scandal has sparked widespread political, academic, and public backlash, shaking one of the most influential figures in modern economic policy.
Summers’ Withdrawals Follow Public Release of Emails
The emails—released as part of a congressional inquiry—show that Summers maintained communication with Epstein even after Epstein’s 2008 conviction. In several messages, Summers sought personal advice and maintained a cordial relationship, prompting intense criticism across the political spectrum.
Following the fallout, Summers resigned from multiple board and advisory positions, including a high-profile role associated with OpenAI. He stated he was “deeply ashamed” and acknowledged “serious lapses in judgment.”
Despite stepping down from outside roles, Summers will continue teaching at Harvard University.
Political and Institutional Reaction
Members of Congress, academic figures, and several organizations criticized Summers’ ongoing relationship with Epstein, calling his conduct incompatible with public advisory responsibilities. Some institutions severed ties immediately, while others issued statements expressing concern or reviewing internal ethics guidelines.
OpenAI, where Summers served on an advisory board, has not publicly addressed the matter in detail, drawing further scrutiny.
Summers Remains Active in Economic Commentary
Despite the scandal, Summers has continued offering economic insights on major global issues:
Economic downturn risk — He warned earlier this year that the U.S. may be heading into a “self-inflicted wound” recession driven by protectionist policies and volatile financial conditions.
Monetary policy concerns — Summers argued the Federal Reserve’s approach remained too loose and that persistent inflation is a bigger threat than rising unemployment.
Bubble warnings — At international economic forums, he highlighted the growing danger of asset bubbles in equities and cryptocurrency markets.
Even as he steps back from public roles, Summers’ commentary continues to influence debates on monetary policy, financial stability, and global markets.
What Comes Next?
The long-term impact on Summers’ legacy remains uncertain. His economic expertise and influence remain substantial, but reputational damage from the Epstein correspondence may limit his involvement in policy-shaping institutions for years.
Summers has stated that the coming months will be dedicated to “rebuilding trust” and reassessing his role in public life.