Democrats Pressure Obama to Name Yellen Fed Chief

Image: Democrats Pressure Obama to Name Yellen Fed Chief

Thursday, 25 Jul 2013 11:41 PM

By Matthew Auerbach

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A number of Senate Democrats are making a concerted effort to influence President Obama to nominate Janet Yellen as Ben Bernanke’s successor as the next chairman of the Federal Reserve, Politico reports.

Former White House economic adviser Larry Summers is a frontrunner for the position.

The possibility of Summers becoming chairman of the Fed is a scenario the liberal end of the Party finds most displeasing.

They are upset with the key role he played in financial deregulation during the 1990s, which is seen as a prelude to the 2008 financial crisis, when he served in the Treasury Department, including as secretary at the end of the Clinton administration.

“There’s a lot of concern among a lot of Democrats about an appointment of Larry Summers to that long-term position as Fed chairman,” Sen. Tom Harkin, D-Iowa, said.

“He was one of the architects of getting rid of Glass-Steagall, of getting rid of other regulations.”

According to a Democratic aide, a letter backing Yellen is making the rounds in the Senate.

The petition, drafted by Sen. Sherrod Brown, D-Ohio, has been signed by a number of senators, including Harkin, Senate Majority Whip Dick Durbin, D-Ill., Dianne Feinstein D-Calif., Jeff Merkley, D-Ore., and Angus King, I-Maine.

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reports House Minority Leader Nancy Pelosi, D-Calif., is a big back of Yellin, who is currently the vice-chairman of the Federal Reserve.

“I think it would be great to have a woman — first woman chairman of the Fed, no question about it,” Pelosi said.

“She's extremely talented. It's not just that she's a woman.”

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