Japan's Nikkei newspaper is quoting unnamed sources saying that former Clinton Administration Treasury Secretary Lawrence Summers will be the next Chairman of the Federal Reserve Board.  Summers nomination has been rumored for weeks as a likely successor to current Chairman Ben Bernanke whose second five year term will soon expire.  The newspaper's English language version said that President Obama is "set to" make his decision within the next several weeks, possibly as early as next week. 

Bloomberg News says that that the White House denies that any decision about the appointment has been made, calling the Japanese press report "wrong."

If the President does chose Summers, who is also a former president of Harvard University and was earlier President Obama's Chief Economic Advisor, it could stir a fight about the nomination among members of his own party.  Summers is opposed by many of the Senate's more liberal members as being too pro-business and women's groups have been lobbying for the other front runner for the nomination, current Federal Reserve vice chair Janet Yellen.  The women's advocacy for Yellen is not just because she would be the first female head of the central bank but also because many are still smarting over what were perceived to be anti-female statements Summers made while at Harvard, remarks that were instrumental in forcing his resignation.

The President strongly defended Summers both in a public speech made several weeks ago and also reportedly had given what was described as a "full throated defense" in a closed door meeting with House Democrats in late July.

On September 10 the Associated Press also stated that Summers would be the President's choice for the post.