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Peter Orszag, Obama's Former Budget Director, Joins Citi

In this photo taken May 7, 2010, Budget Director Peter Orszag stands by as President Barack Obama makes a statement on monthly jobs numbers outside the Oval Office at the White House in Washington. A Democratic official tells The Associated Press that President Barack Obama's top budget official, Peter Orszag, plans to step down later this year. (AP Photo/Carolyn Kaster)
AP Photo
Peter Orszag
AP Photo

President Obama's former director of the Office of Management and Budget, Peter Orszag, will join Citi as a vice chairman in its global banking business, the company announced Thursday.

Orszag will be a member of Citi's Senior Strategic Advisory Group, which focuses on client relationships. However, in accordance with ethics rules, Orszag's role in the company will not involve contact with federal government officials.

Orszag resigned from the Obama administration in July. As head of the budget office, he oversaw Mr. Obama's first two budgets, helped review federal regulations and helped to implement major policy initiatives.

Shira Ovide of the Wall Street Journal writes that Orszag is "the latest government official to take the well-trod trail from Washington to Wall Street."

The Treasury Department announced this week that it was selling its remaining Citigroup stock, after giving the bank a $45 billion taxpayer bailout in 2008.



Stephanie Condon is a political reporter for CBSNews.com. You can read more of her posts here. Follow Hotsheet on Facebook and Twitter.