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Tags: Summers | Fed | Chairman | Yellen

WSJ: Some Say Larry Summers Is Bidding for Fed Chairmanship

By    |   Monday, 08 July 2013 01:23 PM

Former White House economic adviser Larry Summers figures prominently among contenders for appointment as the next Federal Reserve Chairman.

Ben Bernanke, the Fed's present chief, is expected to step down after his term ends Jan. 31. Summers, who was director of the White House's National Economic Council during President Obama's first term, is still in regular touch with him.

The former Treasury secretary and Harvard president, 58, is now a professor at the school.

Editor's Note:
Economist Unapologetically Calls Out Bernanke, Obama for Mishandling Economy. See What They Did

Those who know Summers well have a range of views on how badly he wants to be Fed chairman, The Wall Street Journal reports.

Some say he's determined to get the job. But others say he's no longer interested, after Obama passed him over in 2010, when the president appointed Bernanke to his second term as chairman.

"I think he is in the market for a big assignment," Robert Hall, a Stanford University economist who has known Summers for 40 years, told The Journal.

Obama doesn't have a front-runner for the position yet, knowledgeable sources told the paper. But many commentators say current Fed Vice Chairwoman Janet Yellen occupies that spot.

Other contenders include former Fed vice chairman Roger Ferguson and current New York Fed President William Dudley. Former Treasury Secretary Tim Geithner has repeatedly denied interest.

Former Fed Governor Robert Heller says Yellen should get the nod. "Janet Yellen has the best resume for the job, bar none," he told CNBC last month.

"She has been a Fed insider for a long time. ... She has earned the job and is well qualified, and Obama is also under pressure to nominate more women."

Editor's Note: Economist Unapologetically Calls Out Bernanke, Obama for Mishandling Economy. See What They Did

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FinanceNews
Former White House economic adviser Larry Summers figures prominently among contenders for appointment as the next Federal Reserve Chairman.
Summers,Fed,Chairman,Yellen
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2013-23-08
Monday, 08 July 2013 01:23 PM
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