Potential Fed nomination gets support from Democrats
July 25th, 2013
10:26 PM ET
9 years ago

Potential Fed nomination gets support from Democrats

Washington (CNN) – The potential nomination of Janet Yellen to serve as the next chairman of the Federal Reserve is gaining traction on Capitol Hill.

Three Democratic senators signed a letter encouraging President Barack Obama to nominate the current vice chair of the Fed and former chairman of the White House Council of Economic Advisers to the post, according to Senate aides.

Democratic Senators Dianne Feinstein of California and Tom Harkin of Iowa added their names to the letter, according to Democratic Senate aides, as has Sen. Dick Durbin of llinois, according to a Democratic Senate source.

On Thursday, House Minority Leader Nancy Pelosi voiced her support for Yellen, who would be the first woman to serve in the post if nominated and confirmed.

The comments from lawmakers follow rumors the president is seriously considering Yellen and Larry Summers, who served as director of the National Economic Council under Obama and treasury secretary under former President Clinton, to replace outgoing Fed Chair Ben Bernanke.

Although Pelosi said both Summers and Yellen are strong choices, she told Bloomberg’s Al Hunt the latter is “extremely talented,” adding “it would be great to have a first woman chairman of the Fed, no question about it.”

While Yellen was considered the frontrunner for the position, Summers’ name has circulated recently and the president has asked his aides to explore the potential of nominating Summers, who left the Obama administration in 2010 to return to Harvard University, according to sources.

Filed under: Federal Reserve
soundoff (One Response)
  1. Name Uche Agonsi

    Janet has charms & brain. She is not a lone bird in the Obama Administration that has taken delight in elevating women. With Hillary fate stirring towards the White House, & both Susan, Pelosi & others having some good rides, I guess its the guys turn to be envious.

    July 26, 2013 06:01 am at 6:01 am |