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Fed Chief Choice Shapes Up as Race Between Summers, Yellen
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Race
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| Contributor | IndyGeorgia |
| Last Edited | IndyGeorgia Jul 24, 2013 09:58pm |
| Category | Analysis |
| News Date | Jul 24, 2013 09:00pm |
| Description | The race to become the next leader of the Federal Reserve looks increasingly like a contest between two economists: Lawrence Summers and Janet Yellen.
Mr. Summers is an Obama administration insider who was at President Barack Obama's side during the 2009 financial crisis and maintains close contacts with the president and his top economic advisers.
Because Mr. Summers is well-known in the White House, Mr. Obama might have a higher comfort level choosing him.
Ms. Yellen, a Fed insider, has worked closely with the current Fed chairman, Ben Bernanke, formulating easy-money policies during the past three years and was a player in the Fed monetary-policy decisions during the worst of the financial crisis.
For months, outsiders have seen Ms. Yellen, 66 years old, as the favorite to succeed Mr. Bernanke when his term ends in January. But in the past couple of weeks it has become clear that in Mr. Obama's White House, Mr. Summers, 58, is seen as a serious rival, based on comments from current and former administration officials. |
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