Public Policy and Government Service Career

Peter Orszag’s government and public policy experience informs his leadership of Lazard, equipping him with deep expertise in fiscal management, data-driven decision-making, and cross-sector coordination.

He served as the Director of the Office of Management and Budget (2009-2010) under President Barack Obama, managing the federal budget in the aftermath of the financial crisis and helping design recovery strategies focused on fiscal discipline and economic resilience. He also oversaw budget analysis related to the Affordable Care Act, bringing rigorous evaluation and long-term cost perspective to major health-policy reforms.

Before OMB, Orszag led the Congressional Budget Office (2007-2008), where he sharpened the agency’s focus on healthcare spending and long-run fiscal sustainability. Under his direction, CBO expanded analytical tools and gave policymakers clearer, nonpartisan insights into the trajectory of federal deficits, debt dynamics, and entitlement costs–capabilities that mirror the depth he brings to his work today. 

Orszag’s public service began in the Clinton Administration, where he served on the Council of Economic Advisers (1995-1996) and later as Special Assistant to the President for Economic Policy (1997-1998). In these roles, he applied economic analysis to complex policy questions, collaborated across agencies, and translated technical insight into actionable strategy–skills central to advising boards, CEOs, and governments worldwide. 

Across these roles, Orszag developed a reputation for pragmatic, evidence-based leadership at scale: building analytical teams, stress-testing assumptions, and balancing near-term priorities with long-term sustainability. 

His toolkit of crisis stewardship, disciplined budgeting, and clear communication around risk now supports his mandate as CEO of Lazard, where he guides strategy for a global advisory and asset-management firm serving corporations and governments. 

This background in government and public policy serves as the foundation for how he leads in global business today: rigorously, collaboratively, and with a focus on durable results for clients and shareholders.