Robert Rubin: Decision making in an uncertain world

By Robert E. Rubin

In a conversation at the Council on Foreign Relations with two of his former chiefs of staff, Mike Froman and Sylvia Mathews Burwell, former Treasury Secretary Robert Rubin shares insights from his career journey and discussed his new book, "The Yellow Pad." From his early days at Harvard and Yale Law School to his 26-year tenure at Goldman Sachs, where he rose to become co-chairman, Rubin's path was marked by an approach to decision-making that included a willingness to embrace uncertainty. He discusses his transition to public service as the first director of the National Economic Council under President Clinton before becoming Treasury Secretary, where he played a crucial role in achieving budget surpluses and managing international financial crises, including the Mexican peso crisis.

Throughout the discussion, Rubin emphasizes a central theme from his book: the importance of probabilistic thinking and accepting uncertainty in decision-making. He shares candid reflections on his time at Citigroup during the 2008 financial crisis and offers his current views on inflation, Fed policy, and the national debt. When asked about his proudest achievement, Rubin characteristically deflects, emphasizing instead his philosophy of focusing on doing the best possible job at whatever is in front of him. He praises President Clinton's leadership, particularly his willingness to make difficult, unpopular decisions when they were in the country's best interest.