Editor’s note: the following is a cross post by John Harwood that originally appeared onCNBC.com]:
A source from Team Obama told CNBC that Larry Summerswill likely be named chairman of the Federal Reserve in a few weeks though he is “still being vetted” so it might take a little longer.
It’s largely come down to a two-horse race betweenSummers, a former Treasury secretary, and Fed Vice Chairman Janet Yellen for the next Fed chief.
It is widely expected that the current Fed Chairman Ben Bernanke will resign by the end of the year as his term ends in January. President Obama has already said that Bernanke has “already stayed a lot longer” in the role than he expected. Those remarks came in an interview with Charlie Rose on PBS in June.
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2 comments:
Summer's is a terrible pick. He endorsed repealing Glass-Steagall, he was against regulating the financial derivatives market, and look at the debacle at Harvard, where he allowed the University to get involved with derivatives trading, promptly losing 1B for the University.
He must be a crook if they are interested in him
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