Opposition Spurs Summers to Withdraw as Fed Chairman Candidate
Opposition Spurs Summers to Withdraw as Fed Chairman Candidate (YahooFinance)
Yesterday, President Obama’s leading contender for the Federal Reserve chairman position, Lawrence Summers, withdrew his name from consideration, citing the potential for an “acrimonious” confirmation battle. Summers is viewed as a politically charged individual and is blamed by Democrats for much of the financial deregulation during the Clinton era that led to the 2008 financial crisis. With Summers out of the race, the president can now focus on naming someone to the post who can provide independent leadership, as it’ll be needed during the long haul for investors and consumers alike as the economy unwinds from years of bond-buying stimulus. Good luck to the eventual appointee who assumes the post.