Robert Rubin

Robert Rubin
Born	Robert Edward Rubin 29 8, 1938
Birthplace	New York City, New York, U.S.
Nationality	American
Occupation	Banking executive, lawyer, government official
Known for	70th United States Secretary of the Treasury; Co-chairman of Goldman Sachs; Co-founder of the Hamilton Project
Education	Harvard University (BA); London School of Economics; Yale Law School (JD)
Spouse(s)	Judith Oxenberg
Children	2
Awards	Presidential Citizens Medal (2001)

Robert Edward Rubin (born August 29, 1938) is an American retired banking executive, lawyer, and former government official who served as the 70th United States Secretary of the Treasury from January 1995 to July 1999 under President Bill Clinton. Before entering government service, Rubin spent 26 years at Goldman Sachs, rising through the firm's ranks to serve as a member of its board of directors and co-chairman from 1990 to 1992. As Treasury Secretary, Rubin became one of the most influential economic policymakers of the 1990s, playing a central role in shaping the Clinton administration's fiscal strategy, including the Omnibus Budget Reconciliation Act of 1993 and the Balanced Budget Act of 1997, legislation that contributed to the elimination of the federal budget deficit and a period of sustained economic growth. Prior to leading the Treasury Department, he served as the first Director of the National Economic Council, a position established at the outset of the Clinton presidency. After leaving government, Rubin joined Citigroup as a senior counselor and later as chairman of the executive committee, a tenure that became controversial when the firm required a massive federal bailout during the financial crisis of 2007–2008. Critics have argued that the deregulatory policies Rubin championed during the Clinton years, particularly regarding financial derivatives, contributed to the conditions that precipitated the crisis. As of 2025, Rubin remains active in public policy discourse, serving as co-founder of the Hamilton Project, co-chair emeritus of the Council on Foreign Relations, and senior counselor at Centerview Partners.

Early Life

Robert Edward Rubin was born on August 29, 1938, in New York City. He grew up in a Jewish family in New York and developed an early interest in both intellectual pursuits and competitive endeavors. Details about his parents and upbringing in the public record are limited, but Rubin has spoken about being raised in an environment that valued education and public engagement.

Rubin's formative years in New York City exposed him to the financial and cultural center of the United States, experiences that would later shape his career trajectory across law, finance, and government. His early life in one of the world's most dynamic cities provided a foundation for his later work on Wall Street and in Washington.

Education

Rubin attended Harvard University for his undergraduate studies, where he earned a Bachelor of Arts degree. He subsequently studied at the London School of Economics, broadening his academic exposure to international economic thought. Rubin then enrolled at Yale Law School, where he earned his Juris Doctor degree. His academic path through three distinguished institutions provided him with training in economics and law that would prove instrumental in both his career on Wall Street and his later government service. His time at Harvard, the London School of Economics, and Yale reflected a deliberate effort to gain both domestic and international perspectives on economic and legal systems.

Career

Goldman Sachs (1966–1992)

After completing his legal education, Rubin joined Goldman Sachs in 1966, beginning what would become a 26-year career at one of Wall Street's most prestigious investment banks. Over nearly three decades, Rubin rose steadily through the firm's hierarchy, distinguishing himself in the area of risk arbitrage—a trading strategy that involves buying and selling securities in anticipation of corporate events such as mergers and acquisitions.

Rubin's expertise in risk management and his analytical approach to markets earned him increasing responsibility within the firm. He became a member of Goldman Sachs's board of directors and ultimately served as co-chairman of the firm from 1990 to 1992. As co-chairman, Rubin shared leadership of the firm during a period of significant growth and transformation in global financial markets. His tenure at Goldman Sachs established his reputation as one of the most capable financial minds of his generation and brought him into the orbit of political figures who would later recruit him for government service.

Rubin's experience at Goldman Sachs, particularly his deep understanding of financial markets and risk assessment, became defining characteristics that he carried into his subsequent government roles. His approach to decision-making—emphasizing probabilistic thinking and the careful weighing of uncertainties—was shaped during these years on Wall Street.

Director of the National Economic Council (1993–1995)

When President Bill Clinton took office in January 1993, he appointed Rubin as the first Director of the newly established National Economic Council (NEC), a position Rubin assumed on January 25, 1993. The NEC was created to coordinate economic policy across federal agencies and to provide the president with a unified economic advisory structure, analogous to the role the National Security Council plays in foreign policy.

As NEC Director, Rubin served as an honest broker among competing economic viewpoints within the administration, facilitating debate and presenting options to the president rather than advocating for a single position. His role was instrumental in shaping the administration's first major legislative achievement in economic policy: the Omnibus Budget Reconciliation Act of 1993, commonly known as the Deficit Reduction Act. This legislation, which passed without a single Republican vote in either chamber of Congress, raised taxes on the wealthiest Americans and implemented spending cuts, setting the stage for the fiscal consolidation that would follow throughout the 1990s.

Rubin's effectiveness as NEC Director demonstrated his ability to manage complex policy processes and navigate the political dynamics of Washington. His success in this role led Clinton to elevate him to the Treasury Department in early 1995.

United States Secretary of the Treasury (1995–1999)

Rubin was sworn in as the 70th United States Secretary of the Treasury on January 11, 1995, succeeding Lloyd Bentsen. He served in the position until July 2, 1999, with Frank N. Newman and subsequently Larry Summers serving as his deputies.

As Treasury Secretary, Rubin became the administration's leading voice on economic and fiscal policy. He was a principal architect of the Clinton administration's deficit reduction strategy, which combined targeted spending reductions with revenue increases. The fiscal discipline Rubin advocated contributed to the federal government achieving budget surpluses beginning in fiscal year 1998—the first surpluses in nearly three decades. The Balanced Budget Act of 1997 further codified the administration's commitment to fiscal responsibility.

Rubin's tenure at Treasury also coincided with several international financial crises that tested his leadership. He played a central role in managing the U.S. response to the Mexican peso crisis of 1994–1995, orchestrating a controversial $50 billion international rescue package that included $20 billion in U.S. funds authorized through the Exchange Stabilization Fund after Congress declined to appropriate the money directly. The decision was politically risky but is credited with stabilizing the Mexican economy and preventing broader contagion in global markets.

During the 1997 Asian financial crisis, Rubin again worked to coordinate the international response, collaborating with the International Monetary Fund and other multilateral institutions. His approach emphasized the importance of market-oriented reforms in affected countries while also recognizing the need for emergency financial assistance to prevent a global economic downturn. He similarly navigated the 1998 Russian financial crisis and the collapse of Long-Term Capital Management, events that tested the resilience of the international financial system.

On domestic financial regulation, Rubin supported the modernization of the U.S. financial system, including efforts that led to the passage of the Gramm–Leach–Bliley Act in 1999, which repealed key provisions of the Glass–Steagall Act separating commercial and investment banking. This deregulatory stance, combined with opposition to regulating the over-the-counter derivatives market, would later become the subject of significant criticism after the 2008 financial crisis. Former President Clinton himself later stated that the advice he received regarding derivatives regulation was "wrong."

Rubin was succeeded as Treasury Secretary by his deputy, Larry Summers, upon his departure in July 1999.

Citigroup (1999–2009)

After leaving the Treasury Department, Rubin joined Citigroup in October 1999 as a member of the office of the chairman and subsequently served as chairman of the executive committee. His compensation at Citigroup was substantial; reports indicated he received over $126 million in cash and stock during his time at the firm.

Rubin's tenure at Citigroup became the most controversial chapter of his career. As the 2008 financial crisis unfolded, Citigroup was among the financial institutions most severely affected, ultimately requiring approximately $45 billion in federal TARP funds and extensive government guarantees to avoid collapse. Critics pointed to Rubin's role in encouraging Citigroup's expansion into risky mortgage-related securities and complex financial instruments, arguing that his influence contributed to the excessive risk-taking that imperiled the firm.

Rubin defended his record, noting that his role was primarily advisory and that he did not have direct operational responsibility for the firm's risk management. Nevertheless, the contrast between his reputation as a master of risk assessment at Goldman Sachs and the catastrophic losses at Citigroup raised questions about the limits of his judgment—or, alternatively, about the structural incentives within the financial system that encouraged excessive risk-taking regardless of individual expertise.

Lawsuits were filed against Citigroup and its officers in connection with the losses suffered during the crisis. Rubin left Citigroup in January 2009, as the firm continued to navigate the aftermath of the crisis.

Bloomberg News published a detailed reassessment of Rubin's career in 2012, characterizing the arc of his public image as moving "from Goldman Sachs star to crisis scapegoat."

Post-Government Advisory Roles and Continued Public Engagement

Following his departure from Citigroup, Rubin continued to engage in economic policy through various institutional affiliations. He co-founded the Hamilton Project, an economic policy initiative housed at the Brookings Institution that aims to advance policies promoting broad-based economic growth. The Hamilton Project has brought together economists and policymakers to develop evidence-based policy proposals.

Rubin has served as co-chair emeritus of the Council on Foreign Relations, one of the United States' most prominent foreign policy think tanks. He has also been a senior counselor at Centerview Partners, a boutique investment banking advisory firm.

In 2025, Rubin remained active in public commentary on economic and financial policy. In October 2025, he spoke at the Bund Summit in Shanghai, where he warned that repairing the economic damage caused by the tariff policies of the Trump administration would "take time" and flagged long-term implications for the U.S. dollar's global role. In December 2025, he appeared on CNBC to discuss market risk, urging investors to keep the October 1987 Black Monday stock market crash in mind and warning against complacency.

In July 2025, two former Clinton-era Treasury Secretaries—Rubin and Summers—publicly criticized the Trump administration's tax and spending legislation, warning that the so-called "big, beautiful bill" posed "huge risks to our economy."

Rubin has also been involved in discussions about climate risk and energy policy. He participated in climate leadership conferences, speaking about the intersection of economic policy and environmental risk.

His influence on a generation of economic policymakers has been noted in media coverage. A December 2025 article in RealClearMarkets drew an explicit comparison between Rubin's role in the Clinton administration and that of Treasury Secretary Scott Bessent in the second Trump administration, referring to Bessent as "the MAGA Robert Rubin."

Personal Life

Robert Rubin is married to Judith Oxenberg. The couple has two children. Rubin has maintained a relatively private personal life despite his prominence in public affairs and finance.

Rubin is Jewish, a fact that has been noted in various biographical profiles over the years.

He has been involved with cultural and educational institutions. He served on the board of the Center for Arts and Culture, reflecting interests that extend beyond finance and government.

Recognition

Rubin's government service and contributions to economic policy have been recognized with several honors. In January 2001, President Bill Clinton awarded Rubin the Presidential Citizens Medal, one of the highest civilian honors bestowed by the President of the United States, in recognition of his service to the nation.

Rubin received the Eisenhower Institute Public Service Award from Gettysburg College, recognizing his contributions to American public life.

Harvard Magazine noted his continued involvement with Harvard University and its related policy institutions over the years.

Legacy

Robert Rubin's legacy in American economic policy is multifaceted and contested. During the 1990s, he was credited as one of the primary forces behind a period of economic expansion and fiscal consolidation that saw the United States move from large budget deficits to surpluses. The economic framework he advocated—combining fiscal discipline with trade liberalization and market-oriented reforms—became known informally as "Rubinomics" and influenced a generation of Democratic economic policymakers. His protégés and associates, including Larry Summers, Timothy Geithner, and others who passed through the Treasury Department and NEC during the Clinton years, went on to hold senior positions in subsequent administrations.

However, the 2008 financial crisis prompted a reassessment of Rubin's legacy. The deregulatory stance he championed, particularly regarding derivatives and the separation of commercial and investment banking, came under scrutiny as contributing factors to the crisis. His subsequent role at Citigroup, where he earned substantial compensation while the firm accumulated risks that ultimately required a taxpayer-funded bailout, further complicated his public image.

The comparison drawn between Rubin and subsequent Treasury Secretaries—as in the 2025 RealClearMarkets article comparing Scott Bessent to Rubin—illustrates the extent to which his tenure has become a benchmark against which subsequent economic policymakers are measured, regardless of political affiliation.

Rubin's continued engagement in public discourse through the mid-2020s—warning about tariff policies, market complacency, and fiscal irresponsibility—suggests that his voice remains relevant in American economic debates, even as the full assessment of his policy legacy continues to evolve.