"I am deeply ashamed of my actions and recognize the pain they have caused. I take full responsibility for my wrong decision to continue communicating with Epstein," Summers wrote, according to the channel.
He will continue to teach at Harvard University, where he was previously president, but will renounce his "public commitments that are part of my broader efforts."
The statement comes after Harvard's newspaper The Crimson published details of an email exchange between Summers and Epstein that was made public last week. Summers, who was and is married, reportedly asked for advice on starting a relationship with a woman he describes as a mentee.
Larry Summers was Treasury Secretary under Bill Clinton and economic advisor under Barack Obama.
