Peter Orszag

CEO | Financial Advisory

Lazard

New York, NY, USA

Peter’s Biography

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Peter R. Orszag is CEO of Financial Advisory at Lazard Frères & Co LLC. Lazard’s financial advisory group serves companies and governments all over the world. Before serving as CEO, Peter was the firm’s head of North American Mergers and Acquisitions and Global Co-Head of Healthcare.

He previously served as Vice Chairman of Corporate and Investment Banking and Chairman of the Financial Strategy and Solutions Group at Citigroup. In addition to being a contributing writer for Bloomberg, Peter has co-authored and co-edited multiple books, including An American Economic Policy in the 1990s (2002), Saving Social Security: A Balanced Approach (2004) and Protecting the Homeland (2006). He was also a Distinguished Visiting Fellow at the Council on Foreign Relations and contributing columnist at the New York Times.

His public sector service was built upon his economic and healthcare expertise. During his time in the Obama administration, Peter held a cabinet-level position as the Director of the Office of Management and Budget (OBM) from January 2009 to July 2010. He was also the Director... Peter R. Orszag is CEO of Financial Advisory at Lazard Frères & Co LLC. Lazard’s financial advisory group serves companies and governments all over the world. Before serving as CEO, Peter was the firm’s head of North American Mergers and Acquisitions and Global Co-Head of Healthcare.

He previously served as Vice Chairman of Corporate and Investment Banking and Chairman of the Financial Strategy and Solutions Group at Citigroup. In addition to being a contributing writer for Bloomberg, Peter has co-authored and co-edited multiple books, including An American Economic Policy in the 1990s (2002), Saving Social Security: A Balanced Approach (2004) and Protecting the Homeland (2006). He was also a Distinguished Visiting Fellow at the Council on Foreign Relations and contributing columnist at the New York Times.

His public sector service was built upon his economic and healthcare expertise. During his time in the Obama administration, Peter held a cabinet-level position as the Director of the Office of Management and Budget (OBM) from January 2009 to July 2010. He was also the Director of the Congressional Budget Office (CBO) from January 2007 to December 2008. At the CBO, Peter led the agency to strengthen its commitment to healthcare and combating climate change.

Peter serves on the Board of New Visions for Public Schools, a nonprofit that promotes access to high-quality education for all NYC public school students, regardless of economic status, and is a board member of Mt. Sinai Medical Center and Peterson Institute for International Economics. He is also a member of the National Academy of Medicine, a nonprofit that advises on global issues of health, medicine and related policy.

An alumnus of Princeton University, Peter graduated summa cum laude with a BA in Economics, later earning a PhD in Economics from The London School of Economics, which he attended as a Marshall Scholar. He holds an honorary doctorate from Rensselaer Polytechnic Institute. moreless

Peter’s Newsfeed

World Economic Forum

Will the M&A Boom Last?

Peter Orszag joined a panel of leaders to discuss recent trends in the M&A space, as well as the many factors that might force significant changes in global deal-making.

Academy Health

Keynote: Costs, Inflation and their Impact on Health and Health Policy

In his Keynote address, Peter Orszag discussed the evolution of the health care economy in the COVID era, with notable investments in biotech, digital health, chronic care and Medicare Advantage, and shared his thoughts on cost trends, the relationship of quality and value, and many other related topics.

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Peter’s Background

Lazard

CEO | Financial Advisory

Jun 2019 - Present

New York, NY, USA

Lazard is a global firm with a focus on two key business groups: Financial Advisory and Asset Management. The firm has consistently been recognized as one of the top 10 advisors on deals globally.

Bloomberg Opinion

Columnist

2011 - Present

New York, NY, USA

Bloomberg connects decision makers to a dynamic network of business and financial information, news, ideas and people around the world.

Lazard

Head of Mergers and Acquisitions, North America

Jul 2018 - Apr 2019

New York, NY, USA

Peter Orszag was appointed to help drive M&A client marketing initiatives around the world, as part of Lazard's next phase of growth.

Lazard

Vice Chairman of Investment Banking and Managing Director

May 2016 - Apr 2019

New York, NY, USA

Lazard, one of the world’s top financial advisory and asset management firms, operates across 27 countries in North America, Europe, Asia, Australia, Central America and South America.

Brookings Institution

Non-resident Senior Fellow, Deputy Director of Economic Studies

Sep 2015 - Sep 2017

Washington, DC, USA

Brookings experts conduct high-quality, independent research and produce innovative policy solutions for the nation and world. Brookings is proud to be ranked as the most influential, most quoted and most trusted think tank.

Citigroup

Vice Chairman and Chairman of the Financial Strategy and Solutions Group

Jan 2011 - May 2016

New York, NY, USA

Citi is a leading global bank which strives to create the best outcomes for their clients and customers with financial solutions that are simple, creative and responsible.

The White House

Director of the Office of Management and Budget

Jan 2009 - Jun 2010

Washington, DC, USA

The White House is both the home of the President of the United States and his family, and a museum of American history.

Congressional Budget Office

Director

Jan 2007 - Nov 2008

Washington, DC, USA

The Congressional Budget Office is a non-partisan federal agency in the legislative branch of the U.S. government. The CBO provides impartial budgetary research and analysis and offers Congress and other branches of government important information that serves as the foundation of important economic policy and legislation.

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Current Board Positions

Peterson Institute for International Economics

Board of Directors

2011 - Present

Washington, DC, USA

Founded in 1981, the Peterson Institute for International Economics (PIIE) is a private, non-partisan and non-profit research institution. PIIE is focused on the study of international economic policy, and it researches emerging issues and provides analysis to inform and shape public debate. Its work informs government officials and legislators, business leaders, the media and the global public.

Mount Sinai Medical Center

Board of Directors

New York, NY, USA

The Mount Sinai Health System is an integrated health care system focused on providing the highest level of medical care to local and global communities. Mount Sinai is internationally recognized for its high quality of research, patient care and education in a wide range of specialty areas.

Previous Board Positions

Council of Economic Advisors

Senior Advisor and Senior Economist

Washington, DC, USA

The Council of Economic Advisors, an agency within the Executive Office of the President, is charged with offering the President objective economic advice for domestic and international economic policy.

Brookings Institution

Senior Fellow

2000 - 2006

Washington, DC, USA

Philanthropy

New Visions for Public Schools

Board of Directors

New York, NY, USA

New Visions for Public Schools are dedicated to ensuring that all New York City public school students, regardless of race or economic class, have access to high-quality education to prepare them for the rigors of college and the workforce.

Robert Wood Johnson Foundation

Board of Directors

2011 - 2017

Princeton, NJ, USA

The Robert Wood Johnson Foundation is focused on improving health care and wellness to all citizens in the U.S., regardless of socioeconomic status. The foundation's goal is to provide people with a fair opportunity to maximize their health and well-being and to build a National Culture of Health. .

Media

Tracking the Recovery From the COVID-19 Recession

Fireside Chat

Mar 2022

Peter Orszag and Mary C. Daly, president & CEO of the Federal Reserve Bank of San Francisco, took part in a fireside chat to discuss the state of the economy, the state of public health, and the relationship between the two.

You Already Have a Credit Risk Score -- How About Adding a Health Risk Score?

Quoted

Apr 2022

New York, NY, USA

Peter Orszag is quoted on his thoughts about a "health risk score", which would be similar to how individuals' credit risk scores are formulated. These comments were drawn from his Keynote at the Academy Health National Health Policy Conference.

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Interviews

Lazard's Orszag on the 'Three Horsemen of Concern' for Investors

Mar 2022

New York, NY, USA

Peter Orszag discusses the global effects of the war in Ukraine, the next wave of Covid, and inflation dynamics.

Powell-Brainard a Fed ‘Dream Team,’ Says Lazard CEO Orszag

Nov 2021

New York, NY, USA

Lazard's Peter Orszag joins Bloomberg to share his thoughts on President Biden renominating Jerome Powell as Federal Reserve Chair and Lael Brainaird as Fed Vice Chair.

Lazard Financial Advisory CEO Peter Orszag on corporate tax rate proposal

Sep 2021

New York, NY, USA

Peter Orszag joins CNBC to discuss the recent proposal from House Democrats to raise the corporate tax rate to 26.5 percent.

COVID-19 is testing the Dartmouth Atlas hypothesis: An interview with Peter Orszag

Sep 2021

Building upon his appearance at the 2021 Health Evolution Summit, Peter Orszag sits down with Tom Sullivan for a discussion on the potential to learn from the decline in non-COVID-19 care in 2020-2021, how that could affect variations in pricing and outcomes, and how to use that information in relation to business strategies.

Lazard's Orszag on Flexible Work, Wall Street Hiring, Inflation

Jul 2021

New York, NY, USA

Peter Orszag, CEO of financial advisory at Lazard and a Bloomberg Opinion columnist, joins “Bloomberg Markets" to discuss Wall Street's adoption of flexible work policies to retain and attract talent, financial firm compensation, and the path of U.S. inflation.

Former OMB Director Peter Orszag on $1.9 trillion Covid relief bill

Interview

Mar 2021

New York, NY, USA

On CNBC's “Squawk Box”, Peter Orszag discusses the recently passed $1.9 trillion coronavirus relief bill, namely what this means for a lagging economy due to the Covid-19 pandemic.

Peter Orszag on the Latest Round of Stimulus

Interview

Feb 2021

New York, NY, USA

Peter Orszag, CEO of Financial Advisory at Lazard, speaks with Bloomberg's Alix Steel and Guy Johnson about the U.S. economy and the latest round of stimulus on "Bloomberg Markets".

Peter Orszag on Pres. Biden’s stimulus proposal

Interview

Jan 2021

New York, NY, USA

President-elect Joe Biden is set to unveil his stimulus plan Thursday. Peter Orszag, CEO of Financial Advisory at Lazard, joined “Squawk Box” to discuss what he expects from the proposal as well as his new framework for fiscal policy to address long-term economic challenges.

Bloomberg: Surveillance

Podcast Interview

Dec 2020

New York, NY, USA

Peter Orszag, Bloomberg Opinion Columnist and Lazard CEO of Financial Advisory, joins the Bloomberg: Surveillance Podcast to discuss the urgent need for the government to pass an effective stimulus relief plan to counter the economic impact of the Covid-19 pandemic. If that is not done, Orszag says, more economic pain is on the horizon.

It’s a self-inflicted wound without additional fiscal stimulus: Lazard’s Orszag

Interview

Nov 2020

New York, NY, USA

Peter Orszag joins ‘Closing Bell’ to talk about the lack of a new fiscal stimulus bill to boost the economy and how this can have deleterious effects, both in the short and long-term.

JPMorgan's Jamie Dimon: Higher taxes on the rich are OK, but wealth tax is ‘almost impossible’

Interview

Sep 2020

New York, NY, USA

Peter Orszag, CEO of Financial Advisory at Lazard and former OMB Director under President Obama, joins CNBC's "Squawk Box" to discuss higher taxes on the rich and the efficacy of a wealth tax.

Former OMB Director Peter Orszag on how the Supreme Court fight affects business

Interview

Sep 2020

New York, NY, USA

Peter Orszag of Lazard joins “Squawk Box” to discuss how a new Supreme Court nomination could impact business, health care and the markets.

Economy is at 'Point of Significant Danger,' Says Orszag

Interview

Aug 2020

New York, NY, USA

In this Bloomberg interview, Peter Orszag of Lazard explains why he sees another wave of restructurings as the Covid-19 pandemic continues to have significant impacts on sovereign and corporate balance sheets.

Ex-Obama budget chief: Government’s coronavirus assistance needs oversight to avoid backlash

Interview

Apr 2020

New York, NY, USA

Peter Orszag joins 'CNBC Markets' to share his thoughts on Coronavirus assistance and how more federal oversight can help this process and send aid to more citizens.

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Publications

When Hospitals Buy Doctor Practices, Do Prices Always Rise?

Author

Jan 2022

New York, NY, USA

Peter Orszag discusses the recent decline of doctors practicing on their own and how this shift might yield more benefits than expected.

Investors Are Punishing the Polluters. Here’s Proof.

Co-author

Dec 2021

New York, NY, USA

Peter Orszag and co-author Zachery Halem look at new data that demonstrates how corporate valuations fall when greenhouse-gas emissions rise. In addition, they discuss a correlation between investor response and a market incentive for companies to lower emissions.

Three Reasons for Optimism About Climate Change

Co-author

Nov 2021

New York, NY, USA

Peter Orszag and George Bilicic discuss some key points from the international climate summit in Glasgow, noting three reasons for optimism about the shift away from fossil fuels: the continued decline in the cost of renewable energy, the improvement of energy storage options and hydrogen-based energy sources.

How Superstar Firms Win Big From Low Interest Rates

Author

Oct 2021

New York, NY, USA

Citing new research from the National Bureau of Economic Research, Peter Orszag discusses how low borrowing costs inordinately benefit the top 5% of companies within each industry.

Climate Change Will Force People to Move. We Need to Find Out Where They’ll Go

Author

Sep 2021

New York, NY, USA

Peter Orszag urges a deep look at how and where people will relocate in response to climate change. He also discusses how this migration can be disruptive and what the economic effects of climate change will be, both negative and positive.

The U.S. Makes Carbon Pricing More Complicated Than It Needs to Be

Author

Sep 2021

New York, NY, USA

Peter Orszag discusses 'border adjustments', a fee that a country would impose on the quantity of carbon found in imports. The goal of this fee is to mitigate ‘leakage’ of emissions toward countries with looser climate policies and lead to the enactment of stricter policies.

Refrigerator Pact Shows Climate Partisanship Can Thaw

Author

Aug 2021

New York, NY, USA

Peter Orszag discusses the recent infrastructure legislation proposed by the Senate and a little-noticed provision related to, in Orszag's words, the ‘very exciting’ topic of refrigerants.

Can We Save the Climate Through Better Bookkeeping? Yes!

Co-author

Jul 2021

New York, NY, USA

Peter Orszag and co-author, Robert Hinkle, outline several ways that companies can measure their progress on the path to achieving net-zero emissions. Their suggestions are built upon a need for a revolution in bookkeeping, akin to double-entry bookkeeping in the 16th century. They also discuss carbon offsets, carbon-emission permits, and the global initiative Science Based Targets.

A Fee for Miles Driven Would Be Hard to Impose

Author

Jun 2021

New York, NY, USA

Peter Orszag opens with a lament: “Sadly but predictably, the climate and infrastructure legislation in Congress has run into trouble over how to pay for it.” At the heart of this is the debate over a VMT tax. Orszag further outlines the key points for and against the VMT, including the need to discourage carbon emissions, the increased purchases of electric vehicles, and distributional equity.

Why Yellen May Be Right Not to Fear Inflation

Author

Jun 2021

Peter Orszag discusses the current concerns regarding rising inflation, including, he says, fears of higher inflation by top economists and government officials. He also describes how this inflationary concern is not unique to the U.S.

Get a Shot, Win $1 Million (or $100,000)

Author

May 2021

New York, NY, USA

Peter Orszag discusses how behavioral economics strategies can offer a range of solutions to overcome vaccine hesitancy. "Over the next couple of months, other countries will probably surpass the U.S. on rates of Covid-19 vaccination," he writes. "The reason is not lack of supply, but vaccine hesitancy."

America’s Bridges Need Greater Investment to Survive

Author

May 2021

New York, NY, USA

Discussing the Biden administration's infrastructure and climate bill, Peter Orszag, CEO of Financial Advisory at Lazard, rejects what he calls a “new pundit view" that casts doubt about spending funds on repairing roads and bridges. Citing the American Society of Civil Engineers C-minus grade for the infrastructure in the U.S., Orszag outlines why a large infrastructure plan is needed now.

Huge Container Ships' Biggest Problem Is Emissions

Author

Apr 2021

New York, NY, USA

With the Ever Given situation in the Suez Canal turning the world’s attention to container shipping, Peter Orszag explains the damage that this industry has on the climate, citing a statistic that shipping accounts for 3% of the world’s carbon emissions. He further discusses intivatives, namely by groups like the International Maritime Organization, to reduce shipping's environmental impacts.

Job Shifts Ahead Argue for Large Stimulus

Author

Feb 2021

New York, NY, USA

For a new COVID relief bill, Peter Orszag says Congress should be aware that the US economy is facing a significant reallocation. Building upon a study by leading economists, Orszag says COVID will be 'a persistent reallocation shock' for three reasons: increased shifts in sales revenue; working from home effects; and no signs of a reversal for firms doing well and those continuing to struggle.

Health Costs And Financing: Challenges And Strategies For A New Administration

Co-author

Jan 2021

Peter Orszag and other leaders draw on their diverse experience in economics and healthcare to offer policy analysis and recommendations focused on health costs and financing. This article is published in the journal Health Affairs and is part of the National Academy of Medicine’s Vital Directions for Health and Health Care: Priorities for 2021 initiative.

Fiscal resiliency in a deeply uncertain world: The role of semiautonomous discretion

Co-author

Jan 2021

New York, NY, USA

Peter Orszag joined other renowned economists, Robert Rubin and Joseph Stiglitz, to present an outline for a new fiscal framework that would more effectively help policymakers deal with uncertainties about interest rates, unpredictable global shocks and climate risks.

In 2020, Extra Reasons to Be Grateful for Thanksgiving Dinner

Co-author

Nov 2020

New York, NY, USA

Despite the COVID pandemic showing no signs of slowing down, Peter Orszag shares a few thoughts on something we can be thankful for: the food supply and food production industry. Both have weathered the pandemic well, providing individuals with a much needed pipeline to the necessities they need. He also discusses how our food choices have changed, as people are opting for healthier food options.

Memo to the IMF on how to respond to sovereign debt challenges in the wake of the pandemic

Author

Nov 2020

Washington, DC, USA

This study is part of a special PIIE series titled 'Rebuilding the Global Economy', which focuses on policy priorities and solutions heading into 2021. In this piece, Peter Orszag discusses debt challenges that reflect not only the current crisis but also the legacy of borrowing during easy global financial conditions over many years. He proposes six steps of reform to meet these challenges.

Moneyball for Government

Co-Author

2004

New York, NY, USA

Published in 2014 and co-authored by a team of leaders and thinkers from across the political spectrum, the book sets out a vision where policy makers base decisions not on politics or expedience, but on evidence of what works.

Aging Gracefully: Ideas to Improve Retirement Security in America

Co-author and Co-editor

2006

New York, NY, USA

'Aging Gracefully', an impressive and diverse collection of essays, discusses retirement trends in the U.S. and promotes ideas that can help individuals more effectively manage their money and feel more secure in planning for retirement.

Protecting the Homeland 2006/2007

Co-author

2006

New York, NY, USA

Protecting the Homeland discusses the effectiveness of homeland security, and provides policy ideas regarding areas that still need improvement to keep Americans safe from terrorist attacks.

Saving Social Security: A Balanced Approach

Co-author

Washington, DC, USA

This book discusses how to save Social Security for the future.

American Economic Policy in the 1990s

Co-editor

Cambridge, MA, USA

This book discusses the successes of economic policy during the 1990s, as there was a growing surplus, and explores what policy could be put forth to improve the current economy.

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Memberships

National Academy of Medicine

Member

2008 - Present

Washington, DC, USA

The National Academy of Medicine (NAM) is one of three academies that make up the National Academies of Sciences, Engineering and Medicine in the U.S. The National Academies are private, nonprofit institutions that conduct impartial research, conduct thorough analysis and provide objective advice on science, technology and health related issues.

Speaking Engagements

Duke-Margolis 2022 Inaugural Health Policy Conference

Moderator

Apr 2022

Durham, NC, USA

Peter Orszag welcomed notable names in the healthcare industry, Elizabeth Fowler, Dan Mendelson, and Frederick Isasi, for a panel titled 'Accelerating Health Care Transformation'.

2022 SIEPR Economic Summit

Panel member

Mar 2022

Peter Orszag joined leading economic policy experts for a panel titled 'Federal spending: Where should the money go?' The panel discussed relief packages, managing budget deficits, and, among other related topics, current inflation concerns and the crisis in Ukraine.

Financial Times | Global Dealmaking Summit

Keynote

Nov 2021

Peter Orszag was featured in the Keynote interview titled 'Outlook for the global economic recovery - Analysis of post-Pandemic policy shifts'. Orszag discussed his views on the reopening of economies around the world and the U.S. stimulus package, inflation concerns and the role of central banks during this recovery.

Health Evolution Summit

Featured Speaker

Aug 2021

Dana Point, CA, USA

Peter Orszag took part in a panel titled ‘Now what? Health care gets down to business’ alongside other prominent business leaders and healthcare experts. among other topics, the panel discussed how the reduction in non-COVID care during 2020-2021 will yield more insight into the realities of care costs and outcomes.

In Defense of Public Debt

Panel member

Sep 2021

Peter Orszag joined a panel of distinguished guests to discuss Barry Eichengreen’s new book, In Defense of Public Debt, at a book release hosted by the Peterson Institute for International Economics (PIIE).

Fiscal Resiliency in an Uncertain World

Speaker

Jun 2021

At the Aspen Ideas Festival, Peter Orszag, CEO of Financial Advisory at Lazard, is joined in conversation by Gillian Tett, Robert Rubin and Joseph Stiglitz to share their insights on how to manage US debt and what it will take to get, and keep, the American economy moving forward for decades to come.

Fiscal resiliency in a deeply uncertain world

Featured Speaker

Jan 2021

Peter Orszag, Robert Rubin and Joseph E. Stiglitz discuss their PIIE Policy Brief, “Fiscal Resiliency in a Deeply Uncertain World". They further develop and discuss ideas on their proposed new fiscal framework that, they say, better reflects the uncertainties affecting the budget.

World Economic Forum: Strategic Outlook on Healthcare

Panel Member

Feb 2019

Davos, CH

Peter Orszag joins a panel of experts at the 2019 World Economic Forum at Davos titled 'Strategic Outlook on Healthcare'. The focus of the panel is a discussion of the global effects of US drug price regulation, vertical consolidation and mega-mergers, and the pay-offs of digital transformation.

Ten years later: Lessons from the 2008-09 financial crisis

Featured Speaker

Jan 2019

Washington, DC, USA

Peter Orszag was a featured speaker at a Brookings Institution event that investigated the 2008 financial collapse, with a focus on the political and global dimensions of the crisis, exploring such questions as: How did a new Congress and new president respond? How does the 2008 crisis compare to other crises in US history? How well-prepared are we today to handle inevitable future crises?

Financial Impact of COVID-19 on Health Systems

Panel Host

Aug 2020

The Financial Impact of COVID-19 on Health Systems webcast is part of Health Evolution's Pandemic Response Series, which features insights from federal and state government officials, leading health care providers, payer and life science CEOs on best practices for mitigation, management of outbreaks and collaborations with public health infrastructure.

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Peter’s Education

London School of Economics and Political Science

Ph.D. | Economics

1992 - 1996

Princeton University

A.B. | Economics

1987 - 1991

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