One of the most powerful positions in finance in this country is the Secretary of the Treasury. This person is the principal economic advisor to the President and is the head of the Department of the Treasury. Nominated by President Clinton in 1999, Lawrence Summers served as Treasury Secretary until George W. Bush took office in January 2001. Now, he will be joining the board of Lending Club.
It was just back in April when Lending Club announced John Mack would be joining their board. Now, with Summers they have someone with even more impressive credentials on their board. Summers’ resume also includes stints as chief economist at the World Bank, Director of the White House National Economic Council under President Obama and, of course, his controversial tenure as President of Harvard University.
This is another great move for Lending Club, something that helps brings them ever more closer to the financial mainstream. With two board members now with impressive “old guard” experience Lending Club is positioning itself to become part of the financial establishment. I am sure this makes many investors, large and small, feel more comfortable with their decision to invest in p2p lending.