The president’s presumptive choice for Federal Reserve chair withdrew his name from consideration on Sunday.
David A Graham
The Atlantic
9/15/2013
No one has ever said President Obama’s relationship with Congress was warm. But with cool fall temperatures creeping in, that bond may also have gotten a little bit chillier on Sunday, when Larry Summers called the president to withdraw his name from consideration for chairmanship of the Federal Reserve.
“I have reluctantly concluded that any possible confirmation process for me would be acrimonious and would not serve the interest of the Federal Reserve, the Administration or, ultimately, the interests of the nation’s ongoing economic recovery,” Summers wrote in a letter to Obama following the call, the Wall Street Journal‘s David Wessel reported.
While opposition to Summers has been building for months, it’s a surprise — his confirmation still looked plausible, if not certain; Obama was reportedly determined to get his way on the pick; and Summers has been thought to covet the Fed job since, well, forever. The economist served as Treasury secretary under Bill Clinton and chair of Obama’s National Economic Council, as well as having a turbulent tenure as president of Harvard University…
…Perhaps even more surprising is who did Obama in: a small team of Democratic senators…
The entire article is at The Atlantic.
Also at the site, The Comprehensive Case Against Larry Summers
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