Now that former Clinton Treasury Secretary Treasury and former Harvard
University president Larry Summers has withdrawn his name from
consideration as the next chairman of the Federal Reserve, Fed Vice
Chairman Janet L. Yellen has seemingly become
the leading candidate for the job. She would replace Ben Bernanke whose
term expires in January. If appointed, Yellen would be the first woman
to chair the Fed.
Yellen’s apparent good fortune was engendered by Summers’ withdrawal, triggered in large part by the staunch opposition to his nomination by at least five Democratic senators, including Elizabeth Warren (D-MA). Many of them believed Summers’ relationship with Wall Street was too cozy, and that he bore considerable responsibility for the economic meltdown of 2008. Warren made it clear that she was happy with the sudden turn of events. “Janet Yellen, I hope, will make a terrific Federal Reserve chair,” Warren said on MSNBC. “The president will make his decision, but I hope that happens.”
http://canadafreepress.com/index.php/article/57981
Yellen’s apparent good fortune was engendered by Summers’ withdrawal, triggered in large part by the staunch opposition to his nomination by at least five Democratic senators, including Elizabeth Warren (D-MA). Many of them believed Summers’ relationship with Wall Street was too cozy, and that he bore considerable responsibility for the economic meltdown of 2008. Warren made it clear that she was happy with the sudden turn of events. “Janet Yellen, I hope, will make a terrific Federal Reserve chair,” Warren said on MSNBC. “The president will make his decision, but I hope that happens.”
http://canadafreepress.com/index.php/article/57981
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