Peter Orszag

CEO, Financial Advisory

Lazard

New York, NY, USA

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 is a contributing writer for Bloomberg and has co-authored or co-edited numerous books, including: Protecting the Homeland (2006), Saving Social Security: A Balanced Approach (2004) and American Economic Policy in the 1990s (2002). Previously, he was 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.

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

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

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.

CNBC

Lazard Financial Advisory CEO Peter Orszag on corporate tax rate proposal

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

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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 advisors 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.

Lazard

Head of Mergers & 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 & Managing Director

May 2016 - Apr 2019

New York, NY, USA

Lazard, one of the world’s top financial advisory & asset management firms, operates from 43 cities across 27 countries in North America, Europe, Asia, Australia, Central & 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 & 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 & 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 federal agency within the legislative branch of the United States government, that provides budgetary & economic information to Congress.

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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

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

Virtual Program with Dr. Peter R. Orszag

Featured Talk

May 2020

Chicago, IL, USA

The Economic Club of Chicago hosted a virtual program with Dr. Peter Orszag, CEO of Financial Advisory at Lazard Frères & Co. LLC, who discussed the current state of the economy, fiscal responsibility and the impact of the COVID-19 pandemic on health care policy. The conversation was moderated by Peter Q. Thompson, chair of Midwest Advisory at Lazard Frères & Co. LLC.

Interviews

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

Interview

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

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".

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, CEO of Financial Advisory at Lazard, says the lack of a new fiscal stimulus bill to boost the economy makes a difficult situation worse. He joins ‘Closing Bell’ to talk about the economic damage of both 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, CEO of Lazard’s Financial Advisory Business, joins “Squawk Box” to discuss how a SCOTUS 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

Peter Orszag, a Bloomberg opinion columnist and Lazard Group CEO of Financial Advisory, sees another wave of restructurings on the horizon as the pandemic continues to pressure sovereign and corporate balance sheets. He says the U.S. economy is at a point of "significant danger."

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

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

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.

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

In this commentary, a part of the National Academy of Medicine’s Vital Directions for Health and Health Care: Priorities for 2021 initiative, Peter Orszag, CEO of Financial Advisory at Lazard, and other leaders draw on their collective backgrounds in health financing, delivery, and innovation to offer consensus-based healthcare policy recommendations focused on health costs and financing.

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

Co-author

Jan 2021

New York, NY, USA

In this Policy Brief for the Peterson Institute for International Economics, Peter Orszag, Robert Rubin, and Joseph Stiglitz outline a new fiscal framework that they argue would better equip policymakers to face deep uncertainties about future interest rates (which, they say, may not remain low forever), hard-to-predict 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 & 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 & Co-editor

2006

New York, NY, USA

This collection of essays addresses retirement trends in the United States and puts forth ideas to enable Americans to develop higher levels of retirement savings.

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

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

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.

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 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.

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 & Political Science

Ph.D. | Economics

1992 - 1996

Princeton University

A.B. | Economics

1987 - 1991

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