Obama to Name Summers Fed President, or No Decision Yet?

Japan’s Nikkei newspaper isrnquoting unnamed sources saying that former Clinton Administration Treasury SecretaryrnLawrence Summers will be the next Chairman of the Federal Reserve Board.  Summers nomination has been rumored for weeksrnas a likely successor to current Chairman Ben Bernanke whose second five yearrnterm will soon expire.  The newspaper’s English language versionrnsaid that President Obama is “set to” make his decision within the nextrnseveral weeks, possibly as early as next week. rn</p

Bloomberg News says that that thernWhite House denies that any decision about the appointment has been made,rncalling the Japanese press report “wrong.”</p

If the President does chose Summers, who is also a former president ofrnHarvard University and was earlier President Obama’s Chief Economic Advisor, itrncould stir a fight about the nomination among members of his own party.  Summers is opposed by many of the Senate’srnmore liberal members as being too pro-business and women’s groups have beenrnlobbying for the other front runner for the nomination, current Federal Reservernvice chair Janet Yellen.  The women’srnadvocacy for Yellen is not just because she would be the first female head ofrnthe central bank but also because many are still smarting over what werernperceived to be anti-female statements Summers made while at Harvard, remarksrnthat were instrumental in forcing his resignation.</p

The President strongly defended Summersrnboth in a public speech made several weeks ago and also reportedly had givenrnwhat was described as a “full throated defense” in a closed door meeting withrnHouse Democrats in late July. </p

On September 10 the Associated Pressrnalso stated that Summers would be the President’s choice for the post.

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