Tags: obama | summers | fed | report

White House Disputes Report Obama Has Settled on Summers for Fed

Friday, 13 Sep 2013 01:07 PM

By Dan Weil

The White House Friday shot down a story in Japan's Nikkei newspaper saying President Barack Obama has decided to choose former White House economic adviser Larry Summers as the next Federal Reserve chairman.

"Fed watchers: the latest rumors this morning in the Japanese press aren't true — POTUS [president of the United States] has not yet made a decision on Fed Chair," White House spokeswoman Amy Brundage wrote on Twitter.



In its original Japanese edition, the newspaper quoted unnamed sources saying Obama was "in the final stages" and moving toward naming Summers, Reuters reports. The paper's English-language version said Obama "is set to" announce Summers as his choice as soon as late next week.

Summers, now a professor at Harvard, and Janet Yellen, who already serves on the Fed as vice chair, are the front runners to succeed Ben Bernanke as chairman. His term ends Jan. 31. Many commentators have said in recent days they expect Summers to get the nod.

His brusque style and past support for deregulation, however, have aroused opposition. Texas Republican Sen. John Cornyn told The Wall Street Journal Thursday that he would vote against Summers.

Some Democrats in Congress also have object to Summers and have expressed their support for Yellen.

Obama said last month he plans to make a decision in the fall.


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