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.