Solomont has been a major fundraiser in presidential campaigns since 1988 and was national finance chairman of the Democratic National Committee in 1997-98. Ambassadorships are often presidential rewards to prominent political supporters, particularly fundraisers. Solomont will step down from his position as chairman of the Corporation for National and Community Service, which oversees the AmeriCorps, Senior Corps, and Learn and Serve America programs. He was appointed by President Bill Clinton in 2000, reappointed by President George W. Bush in 2007, and elected chairman by the bipartisan board in February. Solomont will also terminate his firm Solomont Bailis Ventures, which invests in early-stage health care companies, and will step down from positions on the boards of the John F. Kennedy Presidential Library and Museum, Tufts University, Hebrew Senior Life in Roslindale, and the Boston Private Bank and Trust. He has already resigned from the board of trustees of Boston Medical Center.