As much as I applaud this move by the recently embattled Larry Summers, I have my doubts about throwing money at a problem like this in an effort to cure it. It's kind of paying lip service to it if they don't address the underlying cultural and socioeconomic issues that drive some of this.
After Summer's remarks, a firestorm of media and blogosphere criticism erupted which placed his presidency at Harvard in doubt and lead to a vote of no confidence in his leadership by his faculty. As a result, he appointed several committees to investigate the issues surrounding the presence and promotion of women in the Harvard faculty.
The reports paint a picture of a campus where women in science feel a lack of respect, if not outright hostility. "In some departments, women graduate students and postdoctoral fellows report hearing disrespectful criticisms of their abilities from male colleagues and a lack of a supportive environment," one report said.
Unfortunately, that type of attitude will not disappear by throwing $50 million at it, but it is a start.
