Articulo de referencia

Robert Rubin

Larry Summers"},"term_start":{"wt":"January 11, 1995"},"term_end":{"wt":"July 2, 1999"},"predecessor":{"wt":"[[Lloyd Bentsen]]"},"successor":{"wt":"[[Lawrence Summers|Larry Summ...

Robert Edward Rubin (born August 29, 1938) is an American retired banking executive, lawyer, and former government official. He served as the 70th United States secretary of the treasury during the Clinton administration. Before his government service, he spent 26 years at Goldman Sachs, eventually serving as a member of the board and co-chairman from 1990 to 1992.

Rubin is credited as a force behind Clinton-era economic prosperity, including the 1993 Deficit Reduction Act and Balanced Budget Act of 1997. Critics of Rubin have since argued that the bank-friendly policies he supported contributed to the 2008 financial crisis. As of 2025, Rubin is active in several organizations, including as a co-founder of the Hamilton Project, as co-chair emeritus of the Council on Foreign Relations, and as a senior counselor at Centerview Partners.

Early life

Rubin was born on August 29, 1938, in New York City[1] to Jewish parents Sylvia (née Seiderman) and Alexander Rubin.[2][3] He moved to Miami Beach, Florida, at an early age and graduated from Miami Beach Senior High School.[4][5] In 1960, Rubin graduated with a Bachelor of Arts, summa cum laude, in economics from Harvard College.[6] He then attended Harvard Law School for three days before leaving to travel the world.[7] He later attended the London School of Economics and received an LL.B. from Yale Law School in 1964.[6]

Early career

Rubin was an attorney at the firm of Cleary, Gottlieb, Steen & Hamilton in New York City from 1964 to 1966 before joining Goldman Sachs in 1966 as an associate in the risk arbitrage department. He later served as co-chief operating officer, and became co-senior partner and co-chairman in 1990.[6][7][8]

Rubin served as New York finance chairman for the Walter Mondale presidential campaign in 1984[9] and headed the host committee for the 1992 Democratic National Convention in New York.[10] He served on the board of directors of the New York Stock Exchange, the U.S. Securities and Exchange Commission Market Oversight and Financial Services Advisory Committee, and advisory panels for New York Gov. Mario Cuomo and Mayor David Dinkins.[11]

Clinton administration

From January 25, 1993, to January 10, 1995, Rubin served in the White House as Assistant to the President for Economic Policy. In that capacity, he directed the National Economic Council, which Bill Clinton created after winning the presidency.[12] The National Economic Council, or NEC, enabled the White House to coordinate closely the workings of the Cabinet departments and agencies on policies ranging from budget and tax to international trade and alleviating poverty. The NEC coordinated policy recommendations going into the President's office, and monitored implementation of the decisions that came out.[13]Robert S. Strauss credited Rubin with making the system work. In 1994, Strauss said, "He's surely the only man or woman in America that I know who could make the NEC succeed ... Anyone else would have been a disruptive force, and the council wouldn't have worked."[14]

1993 Deficit Reduction Act

Rubin encouraged Clinton to focus on deficit reduction[15] and he was "one of the chief architects" of Clinton's 1993 Deficit Reduction Act plan.[16] Supporters said the Act helped create the late 1990s budget surplus and strong economic growth, while opponents noted it raised taxes.[16][17] As officials deliberated the deficit reduction plan, Rubin advocated for tax increases on those in the upper-income tax bracket.[18]The Baltimore Sun said that the budget deal "was critical" and "convinced nervous bond traders that the new Democratic president was serious about the deficit, lowering long-term interest rates, spurring economic growth and, ultimately, helping to balance the budget."[15]

Secretary of the Treasury

Robert Rubin official Treasury portrait, 1999

Clinton nominated Rubin as Treasury secretary in December 1994. On January 10, 1995, Rubin was sworn in as the 70th United States Secretary of the Treasury after the U.S. Senate confirmed him in a 99–0 vote.[19][20] Rubin's tenure with the Clinton administration, especially as the head of Treasury, was marked by economic prosperity in the U.S. Rubin is credited as one of the main individuals behind U.S. economic growth, creating near full-employment and bullish stock markets while avoiding inflation.[7] From the time he joined the White House until he announced his resignation from Treasury in 1999, U.S. unemployment fell from 6.9 percent to 4.3 percent; the U.S. budget went from a $255 billion deficit to a $70 billion surplus, and inflation fell.[15][21] Rubin was succeeded in early July 1999 as Treasury secretary by his deputy, Lawrence Summers.[22]

According to CNN Money, Rubin was "one of the architects of the Clinton administration's economic policy, and is often credited—along with Federal Reserve Chairman Alan Greenspan—for the booming eight-year economic expansion, the second-longest in U.S. history".[23] Senator Chuck Hagel (R-NE) called Rubin "an ideal public servant who put policy before politics."[24] At the time of Rubin's resignation, Clinton called Rubin the "greatest secretary of the Treasury since Alexander Hamilton."[25]

1990s international crises

Upon being sworn into office as Treasury secretary in January 1995, Rubin was confronted with the Mexican peso crisis, which threatened to result in Mexico defaulting on its foreign obligations.[26] President Bill Clinton, with the advice of Rubin and Greenspan, provided $20 billion in U.S. loan guarantees to the Mexican government through the Exchange Stabilization Fund.[17][26][27] Mexico recovered and the U.S. Treasury made a $580 million profit as a result of the loan agreement.[27][28]

In 1997 and 1998, Rubin, Greenspan, and Deputy Treasury Secretary Summers worked with the International Monetary Fund and others to promote U.S. policy in response to financial crises in Russian, Asian, and Latin American financial markets. On the cover of its February 15, 1999, edition, Time Magazine dubbed the three policymakers "The Committee to Save the World".[17]

Balanced budget agreement

Rubin in 1999

Early in the Clinton administration, Rubin touted a balanced budget and a strong dollar as a way for the Fed to lower interest rates.[29] He also argued that a balanced federal budget's broad benefits to society outweighed concerns that one group could benefit more than others.[30] Rubin was the Clinton administration's chief negotiator with a Republican-controlled Congress on the balanced-budget deal.[15][31] The Balanced Budget Act of 1997 has been referred to as the "capstone" of Rubin's tenure as Treasury secretary.[32]

Regulation of derivatives

In 1998, Rubin and Federal Reserve chairman Alan Greenspan opposed giving the Commodity Futures Trading Commission (CFTC) oversight of over-the-counter credit derivatives when this was proposed by Brooksley Born, then head of the CFTC. Rubin and other senior officials recommended Congress relieve the CFTC of regulatory authority over derivatives in November 1999.[33] Over-the-counter credit derivatives were eventually excluded from regulation by the CFTC by the Commodity Futures Modernization Act of 2000.[34] According to a Frontline report, derivatives played a key role in the 2008 financial crisis.[35]

Arthur Levitt Jr. , expresidente de la Comisión de Bolsa y Valores , explicó la fuerte oposición de Rubin a las regulaciones propuestas por Born diciendo que Greenspan y Rubin estaban "íntegramente de acuerdo en esto. Ciertamente se oponían con vehemencia y me convencieron de que esto causaría el caos". [ 33 ] Sin embargo, en su autobiografía, Rubin señala que creía que los derivados podían plantear problemas significativos y que muchas personas que los utilizaban no comprendían del todo los riesgos que asumían. [ 36 ] En 2008, The New York Times informó que la propuesta de 1997 no habría mejorado la supervisión de los derivados. Rubin afirmó que el sistema financiero "podría beneficiarse de una mejor regulación de los derivados". Sin embargo, añadió que "la política lo habría hecho imposible". [ 37 ] Rubin declaró que le preocupaba el potencial de los derivados para crear riesgo sistémico desde su época en Goldman Sachs. [ 38 ]

En una entrevista en el programa This Week de ABC en abril de 2010, el expresidente Clinton dijo que Rubin se equivocó al aconsejarle que no regulara los derivados, que para entonces se consideraban una de las causas subyacentes de la crisis financiera de 2008. [ 39 ] El asesor de Clinton, Doug Band, dijo más tarde que Clinton "confundió inadvertidamente un análisis que recibió sobre una propuesta específica de derivados con los argumentos del entonces presidente de la Reserva Federal, Alan Greenspan, en contra de cualquier regulación de los derivados". Añadió que Clinton aún deseaba haber impulsado una legislación para regular los derivados, al tiempo que confirmó que seguía creyendo haber recibido excelentes consejos sobre la economía y el sistema financiero de Rubin y otros durante su presidencia. [ 40 ]

política urbana

Rubin fue un defensor destacado de la inversión en comunidades rurales y urbanas desfavorecidas en la administración Clinton, desde su tiempo en el NEC, liderando el esfuerzo para ampliar la Ley de Reinversión Comunitaria , hasta su tiempo en el Tesoro, donde abogó por que más instituciones financieras de desarrollo comunitario (CDFI) invirtieran en los barrios marginales y aumentaran el Fondo CDFI. [ 41 ] [ 42 ] [ 43 ] Abordar las necesidades de los pobres urbanos fue una prioridad máxima para Rubin durante su mandato en la administración Clinton. [ 44 ] Rubin también ayudó con el plan de la administración Clinton para aumentar las zonas de empoderamiento y de empresas en todo Estados Unidos. La iniciativa ofrecía exenciones fiscales para las empresas que invertían en esas zonas. [ 42 ]

Declive de la Ley Glass-Steagall

Como Secretario del Tesoro, Robert Rubin declaró públicamente que la Ley Glass-Steagall era obsoleta y anticuada, y que, de hecho, sus disposiciones se habían vuelto menos efectivas con el tiempo. Sin embargo, no fue hasta finales de la década de 1990 que el Congreso y la administración Clinton finalmente accedieron a derogar la ley. Esto se debió en parte a la presión ejercida por Sanford I. Weill sobre el Congreso y la Casa Blanca para derogar la ley y permitir así que se llevara a cabo la megacombinación que había organizado entre Travelers Group y Citicorp en 1998. [ 45 ] Rubin renunció a la administración Clinton en julio de 1999. [ 22 ] En octubre de 1999, Rubin se unió al equipo directivo de Citigroup. [ 46 ] La Ley Glass-Steagall fue finalmente derogada por la Ley Gramm-Leach-Bliley bajo el sucesor de Rubin, Lawrence Summers, y fue firmada por Clinton en noviembre de 1999. [ 37 ] [ 47 ]

Carrera posterior al gobierno

Corporación de Apoyo a las Iniciativas Locales

Upon leaving the Clinton administration, Rubin joined the board of the Local Initiatives Support Corporation (LISC), the nation's leading community development support organization, as chairman. Reflecting on his decision to join an institution devoted to bringing economic activity to neglected areas of the country, the Chicago Tribune said the following in an editorial: "Even before he became Bill Clinton's treasury secretary, during his days as a high-powered Wall Street executive, Rubin was passionate about fostering business investment as the way to fight poverty in depressed city and rural areas. That made him somewhat unusual among Democrats, who generally emphasized government anti-poverty programs."[48]

Citigroup

Rubin joined Citigroup in 1999 as chairman of the executive committee of the board.[49] In 2001, Enron, a major client of Citigroup, faced a credit ratings downgrade as a result of the Enron scandal. Rubin called a ranking Treasury Department official, unsuccessfully seeking the Bush Administration's help in forestalling the downgrade.[50] A subsequent staff investigation by the Senate Governmental Affairs committee cleared Rubin of having done anything illegal.[51][52] Rubin later maintained that he had acted both as a Citigroup executive protecting his company's position and as a former Treasury official concerned about the impact that Enron's failure might have on the larger economy. Rubin rejected criticisms of a possible conflict of interest and has said that if faced with the same choice, he would do it again.[50]

Rubin briefly became chairman of Citigroup's board of directors from November 2007 to December 2007.[13][53] According to The New York Times, Rubin's role at Citigroup focused on meeting with clients and government and business leaders, bringing in business, and serving as a sounding board to bank leadership. As the Times reported in 2007, Rubin "has said publicly since he came to Citigroup in 1999 that he had no interest in running the bank".[53]The Wall Street Journal reported Rubin joined Citigroup as a board member and as a participant "in strategic managerial and operational matters of the Company, but [...] no line responsibilities".[54] The newspaper called this mix of oversight and management responsibilities "murky".[54]

Following the 2008 financial crisis, critics argued Rubin increased risk-taking at Citigroup, thereby exposing the bank to greater losses, and that economic policies he promoted as Treasury secretary exacerbated the situation. According to The Wall Street Journal, Rubin has stated that "he wasn't alone in failing to foresee the severity of the crisis that would emerge".[25] Other industry observers criticized the lack of clarity about Rubin's role within the bank.[55] The federal government spent $45 billion to acquire a stake in Citigroup in 2008 through the Troubled Asset Relief Program. Citigroup repaid $20 billion of the bailout money in December 2009 and the Treasury sold its remaining stake one year later, for a total net profit of $12 billion.[56]

En diciembre de 2008, los inversores presentaron una demanda alegando que los ejecutivos de Citigroup, incluido Rubin, vendieron acciones a precios inflados mientras ocultaban los riesgos de la empresa. [ 57 ] Citigroup resolvió la demanda en 2012, pagando 590 millones de dólares a los demandantes y negando cualquier irregularidad como parte del acuerdo. [ 55 ] Rubin renunció a Citigroup en 2009. [ 25 ] [ 58 ] [ 59 ] Entre 1999 y 2009, Rubin recibió una compensación total, incluidas opciones sobre acciones para empleados , de 126 millones de dólares de Citigroup. [ 60 ] Su compensación fue criticada, y el escritor Nassim Nicholas Taleb señaló que Rubin "cobró más de 120  millones de dólares en compensación de Citibank en la década anterior al colapso bancario de 2008. Cuando el banco, literalmente insolvente, fue rescatado por el contribuyente, no extendió ningún cheque, sino que invocó la incertidumbre como excusa". [ 61 ] En 2010, la Comisión de Investigación de la Crisis Financiera entrevistó a Rubin como parte de su investigación sobre las causas de la crisis financiera de 2008 y concluyó que Rubin "pudo haber violado las leyes de los Estados Unidos en relación con la crisis financiera" en relación con su papel en Citigroup. La comisión votó unánimemente a favor de remitirlo al Departamento de Justicia de los Estados Unidos para una investigación más exhaustiva; sin embargo, el Departamento de Justicia no llevó a cabo ninguna investigación ni acción adicional contra Rubin. [ 62 ]

Otros trabajos

El 1 de julio de 2002, Rubin se convirtió en miembro de Harvard Corporation , el órgano ejecutivo de gobierno de la Universidad de Harvard . [ 63 ] Fue miembro del consejo de Harvard Corporation hasta junio de 2014 y, a partir de 2018, formó parte de su comité de finanzas. [ 64 ] [ 65 ] [ 25 ] A partir de 2024, Rubin participa en el Proyecto Hamilton , un centro de estudios sobre política económica que cofundó en 2006. [ 66 ] [ 67 ] [ 68 ] Es copresidente emérito del Consejo de Relaciones Exteriores . Es fideicomisario del Sistema de Salud Mount Sinai y copresidente del consejo asesor de la Fundación Peter G. Peterson . [ 65 ] [ 69 ] Además, Rubin es asesor sénior en Centerview Partners , una firma de asesoría de banca de inversión con sede en la ciudad de Nueva York. [ 25 ]

Rubin fue miembro del Panel de Progreso de África (APP), un grupo de diez personas que abogaron por el desarrollo equitativo y sostenible en África mediante la publicación de siete informes anuales entre 2009 y 2015. [ 70 ] Rubin también formó parte de la Comisión de Ciudadanía Global, convocada por el ex primer ministro británico Gordon Brown , que reexaminó y propuso una actualización de la Declaración Universal de Derechos Humanos de las Naciones Unidas de 1948. [ 71 ] [ 72 ]

Libros

Las memorias de Rubin, En un mundo incierto: Decisiones difíciles de Wall Street a Washington , coescritas con Jacob Weisberg , fueron un éxito de ventas del New York Times y uno de los diez mejores libros de negocios de 2003 según Business Week . [ 13 ] El segundo libro de Rubin, El bloc amarillo: Tomar mejores decisiones en un mundo incierto , se publicó en mayo de 2023. En él, escribe sobre su enfoque del "pensamiento probabilístico", es decir, la comprensión de que toda decisión conlleva un riesgo. [ 73 ] El libro fue nombrado uno de los "Mejores libros de 2023" por Bloomberg News . [ 74 ]

Opiniones políticas

Políticas económicas

Rubin ha defendido la disciplina fiscal y la inversión pública, y trabajó para convertir el déficit presupuestario federal en superávit durante su mandato como Secretario del Tesoro. [ 75 ] Se ha opuesto a los altos déficits presupuestarios y se le atribuye el desarrollo de la política del dólar fuerte, que ha sido una piedra angular de la política económica estadounidense desde su gestión en el Tesoro. [ 76 ] [ 77 ]

Rubin ha sido descrito como un centrista, proempresarial, "demócrata procreación" por The New York Times . [ 78 ] El Chicago Tribune y Associated Press han afirmado que las políticas de Rubin como Secretario del Tesoro ayudaron a impulsar el crecimiento económico estadounidense en la década de 1990. [ 79 ] [ 80 ] Sin embargo, sus políticas también han sido criticadas por algunos republicanos por no reducir los impuestos lo suficiente, mientras que algunos demócratas han dicho que las políticas de Rubin contribuyeron a la crisis financiera de 2008. [ 25 ] Rubin ha apoyado medidas tributarias progresivas y la ampliación de los créditos tributarios por ingresos del trabajo para beneficiar a los estadounidenses de bajos y medianos ingresos. [ 18 ] También se ha opuesto a los recortes de impuestos que benefician desproporcionadamente a los que ganan más, incluidos los promulgados durante las administraciones de George W. Bush y Donald Trump . [ 81 ] [ 82 ] [ 83 ] Durante la administración Biden , Rubin se unió a cuatro ex secretarios del Tesoro para apoyar la Ley de Reducción de la Inflación y apoyó un crédito tributario por hijos reembolsable permanente con el ex secretario del Tesoro Jacob Lew . [ 84 ] [ 85 ]

En abril de 2016, Rubin fue uno de los ocho ex secretarios del Tesoro que pidieron al Reino Unido que permaneciera como miembro de la Unión Europea antes del referéndum de junio de 2016. [ 86 ]

políticas de cambio climático

Among Rubin's policy interests is climate change.[25] In 2014, Rubin served as a member of the U.S. Climate Risk Committee, which oversaw the development of an analysis of the economic risks of climate change in the United States.[87] In an address at the Climate Leadership Conference on March 4, 2015, Rubin spoke about the economic effects of climate change and the costs of inaction.[88] Calling climate change "the existential threat of our age", he called for the adoption of three proposals—revising estimates of the gross domestic product to reflect climate change externalities, disclosure to investors by companies of the costs of carbon they emit that they might be required to absorb, and including in the U.S. government's fiscal projections the future costs of dealing with climate change—to help catalyze a more active response to climate change risks. He first outlined these proposals in a Washington Post op-ed column titled "How Ignoring Climate Change Could Sink the U.S. Economy."[89]

In 2016, former Treasury secretaries Rubin, Henry Paulson, and George Shultz, members of the climate research group the Risky Business Project, penned a letter to the United States Securities and Exchange Commission, urging regulators to manage financial disclosures regarding climate change.[90]

Personal life

Rubin and his wife, Judith O. Rubin, have two grown sons together, James Rubin (not to be confused with James Phillip Rubin), and Philip Rubin.[91] The Rubins were long time members of Temple Beth Sholom on Miami Beach.[92] His daughter-in-law is author Gretchen Rubin.

See also

References

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Sources

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Further reading