Michael Froman

Deputy Assistant to the President and Deputy National Security Adviser for International Economic Affairs (since February 2009)

(Ronaldo Schemidt/
Getty Images)

Why He Matters

Froman and President Obama know each other from their time as editors of the Harvard Law Review. Now Froman has signed on for the unusual dual role of international finance adviser for both the National Economic Council (NEC) and the National Security Council (NSC), linking the two bodies in an effort to stem the world financial crisis. He'll also work as a liaison to the White House during Group of 7, Group of 8 and Group of 20 meetings.

A veteran of Citigroup, a bank that received $45 billion in government funding in order to stem its credit woes, Froman could receive some flak for being part of the beleaguered company's tumble. Citigroup has also been a poster-child for Wall Street excess as Treasury Secretary Timothy Geithner had to urge the company to cancel plans for a $45 million private jet, despite accepting billions in taxpayer funds.

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Background

At a Glance

Career History: Citigroup executive (1999 to 2009); Treasury Department Chief of Staff (1997 to 1999); Deputy Assistant Secretary of Treasury for Eurasia and the Middle East (1995 to 1997)
Birthday: Aug. 20, 1962
Hometown: California

Alma Mater: Princeton University (international affairs); Oxford University, Ph.D. (international relations); Harvard Law School, J.D.
Spouse: Nancy Goodman
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Path to Power

Froman chose not to follow in his father's footsteps managing a local furniture store in California, and instead attended Princeton University for his undergraduate studies. After focusing on international affairs, he received a Fulbright scholarship to study at Oxford, where he obtained a doctorate in international relations.

While in law school at Harvard, Froman worked at the Harvard Law Review, as did Obama, Federal Communications Chairman Julius Genachowski and former deputy White House Counsel Cassandra Butts. Froman and Obama were both editors.

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The Issues

In 2004, Froman heard his long-lost buddy was planning to run for the Illinois Senate. Froman called up Obama and offered his help, which Obama accepted.

The offer of assistance would continue throughout the 2008 presidential campaign, as the Citigroup manager had a long list of New York finance friends who would be willing to part with some cash for the right cause. Froman helped to get Obama in the door, and even persuaded certain financiers, who had strong ties in the community, to support Obama.

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One example was the courting of Orin Kramer, who had raised "mountainous stacks of cash for [Al] Gore and [John F.] Kerry," according to New York magazine. Kramer had supported the Clintons for years, and essentially owned "New Jersey when it comes to raising money," said fund manager and member of Obama's New York finance committee Jim Torrey.

Early in Obama's Democratic primary campaign, Froman helped set up a dinner for Obama and Kramer in Washington, D.C. After dinner Kramer was still unsure about the candidate, but as Froman, Kramer and fellow Obama fundraiser Brian Mathis sat in an airport waiting for a shuttle back to New York, Froman and Mathis continued to nag Kramer. Finally, Kramer submitted. "All right, enough already," Kramer yelled, and immediately announced his defection from Sen. Hillary Rodham Clinton's camp to the Obama campaign. Kramer worked as an Obama bundler, raising more than $500,000 during the 2008 presidential campaign.

When it came to divvying up jobs in the administration, Froman didn't seem to expect a position. As he told his hometown paper, the Marin International Journal, shortly after the 2008 election, "My expectation is I'm doing this for the period of the transition, and that I'll return full-time to my business when this is over."

That didn't happen; Obama appointed Froman as an international economics adviser in January 2009.

International Expertise

Froman has a long history of providing analysis on international economics in the public sector. He has a doctorate in international economics from Oxford and has advised some of the brightest economic minds, like Rubin, on the subject.

Froman's job will be to minimize the effect of America's economic struggles on the rest of the world, and advise countries on ways to turn around their respective economies. The Obama administration argues that strong world economies will help quicken the American economic recovery following the 2008-2009 recession.

Although Froman has worked most of his life in the U.S., he has spent some time overseas. After Harvard law, he lived in Albania where he and his his wife, Nancy Goodman, worked on a legal-reform initiative sponsored by the American Bar Association.

According to the New York Times, Froman worked to develop Albanian property laws and rights for prisoners in Albanian jails. He spent six months working in the Eastern European country.

The Network

Froman joins a long list of Harvard friends that Obama has tapped for jobs in his administration. Federal Communications Commission head Julius Genachowski, former deputy White House counsel Cassandra Butts and White House Cabinet Secretary Chris Lu were all fellow Harvard classmates.

Froman has worked closely with Rubin, who Froman worked under at the Clinton Treasury Department and then followed to Citigroup.

Campaign Contributions

Froman has donated over $35,000 since 2000. All of his money went to Democratic campaigns, except for $500 he gave to Joseph I. Lieberman (I-Conn.) in 2006. Froman also was a bundler in Obama's campaign, raising at least $200,000 for the Illinois Democrat.

(photo courtesy White House photostream / Pete Souza)

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