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Peter Orszag

CEO, Financial Advisory

Lazard

New York, NY, USA

Peter Orszag
Ben Francis
Gymshark Ltd
John Grayken
Lone Star Funds

Peter Orszag’s Biography

Peter R. Orszag is CEO of Financial Advisory at Lazard Frères & Co LLC. He leads the firm’s advisory businesses that serve companies and governments across the globe. Previously, he served as the firm's Head of North American Mergers & Acquisitions and Global Co-Head of Healthcare.

Prior to joining Lazard, Peter served as Vice Chairman of Corporate and Investment Banking and Chairman of the Financial Strategy and Solutions Group at Citigroup, Inc. He was also a Distinguished Visiting Fellow at the Council on Foreign Relations and Contributing Columnist at the New York Times.

Peter’s public sector service was built upon his economic and healthcare expertise. He served as Director of the Office of Management and Budget (OMB) in the Obama Administration, a Cabinet-level position, from January 2009 to July 2010. From January 2007 to December 2008, Peter was Director of the Congressional Budget Office (CBO). Under his leadership, the agency significantly increased its focus on climate change and healthcare.

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. He is a member of the National Academy of Medicine, a nonprofit that advises on national and international issues of health, medicine, and related policy. Peter is also on the Boards of Mt. Sinai Medical Center and Peterson Institute for International Economics.
He is a contributing writer for Bloomberg and has co-authored or co-edited a number of books, including: Protecting the Homeland (2006), Saving Social Security: A Balanced Approach (2004), and American Economic Policy in the 1990s (2002).

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.

Peter’s Newsfeed

Bloomberg
Can We Save the Climate Through Better Bookkeeping? Yes!

Peter Orszag, CEO of Financial Advisory at Lazard, outlines several ways that companies can measure their progress on the path to achieving net-zero emissions. His suggestions are built upon a need for a revolution in bookkeeping, akin to the invention of double-entry bookkeeping in the 16th century. Orszag also discusses carbon offsets, carbon-emission permits, and the global initiative Science Based Targets, which was formed to help companies reduce emissions.

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

Peter Orszag describes Lazard's current workplace model that combines working in the office and at home to accomodate employees and provide a modernized workplace that will retain current employees and draw interest for future recruitment. Peter also details his views on inflation in the US financial sector and the talent war in the tech and financial industries.

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Peter’s Background

Lazard
CEO, Financial Advisory
Jun 2019 - Present
New York, NY, USA
Lazard generates about half of its revenue from financial advisory, which includes M&A, and the remainder from asset management. The firm has consistently been one of the top 10 advisers on deals globally.
Bloomberg Opinion
Columnist
2011 - Present
New York, NY, USA
Bloomberg connects decision makers to a dynamic network of business & financial information, news, ideas & people around the world.
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Current Board Positions

Peterson Institute for International Economics
Board of Directors
2011 - Present
Washington, DC, USA
The Peterson Institute for International Economics is a private, non-profit, non-partisan research institution, devoted to the study of international economic policy.
Mount Sinai Medical Center
Board of Directors
New York, NY, USA
The Mount Sinai Health System is an integrated health care system providing exceptional medical care to local & global communities.

Previous Board Positions

Council of Economic Advisors
Senior Advisor & 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 & international economic policy.
Brookings Institution
Senior Fellow
2000 - 2006
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.

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 & the workforce.
Robert Wood Johnson Foundation
Board of Directors
2011 - 2017
Princeton, NJ, USA
The Robert Wood Johnson Foundation has worked to improve health and health care. They work alongside others to build a national Culture of Health, to provide everyone in America with a fair opportunity for health and well-being.

Media

Former OMB Director Peter Orszag on $1.9 trillion Covid relief bill
Interview
Mar 2021
New York, NY, USA
Peter Orszag, CEO of Financial Advisory at Lazard and former OMB Director, joined “Squawk Box” to discuss the recently passed $1.9 trillion coronavirus relief bill. The package includes direct checks, jobless aid and money for other programs, and it comes as the nation begins to emerge from pandemic shutdowns.
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".
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Publications

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
In an opinion piece for Bloomberg Quint, Peter Orszag states that "Some prominent economists are concerned that the U.S. is entering an era of permanently higher inflation, but Treasury Secretary Janet Yellen and Federal Reserve Chairman Jerome Powell believe the current spike will be temporary." He describes the various factors and dimensions of inflation and that it is not unique to the US.
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Memberships

National Academy of Medicine
Member
2008 - Present
Washington, DC, USA
Founded in 1970 as the Institute of Medicine (IOM), 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 work outside of government to provide objective advice on matters of science, technology, and health.

Speaking Engagements

Fiscal resiliency in a deeply uncertain world
Featured Speaker
Jan 2021
Peter Orszag, Robert Rubin, and Joseph E. Stiglitz discussed their PIIE Policy Brief, “Fiscal Resiliency in a Deeply Uncertain World,” in which they present a new fiscal framework that they argue 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.
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Peter’s Education

Princeton University
A.B. | Economics
1987 - 1991
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