Mr. Obama is expected to announce his nominee soon, and, by all
accounts, Mr. Summers is still a contender. It is time for senators of
both parties who appreciate the importance of this nomination to tell
the president that Mr. Summers would be the wrong choice.
Mr. Summers’s reputation is replete with evidence of a temperament
unsuited to lead the Fed. He is known for cooperation when he works with
those he perceives as having more power than he does, and for
dismissiveness toward those he perceives as less powerful. Those traits
would be especially destructive at the Fed, where board members and
regional bank presidents all bring their own considerable political
power and intellectual heft to the Fed’s decision-making on monetary
policy and financial regulation. Putting Mr. Summers in charge would
risk institutional discord or worse, dysfunction.
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