follow us:Google+FacebookLinkedInTwitterVimeoRSS Feeds


Business: Larry Summers out; Obama 'mishandled' the Fed nominating process, says economist

Source: Yahoo News

Back to Top Comments Email Print

U.S. markets opened higher Monday as investors cheered the news that Larry Summers, the front-runner to replace outgoing Fed Chairman Ben Bernanke, had withdrawn his candidacy to lead the U.S. central bank. Republicans and Democrats were deeply skeptical of Summers and many blamed him for the 2007-2009 financial crisis (Summers helped dismantle longstanding Wall Street regulations as Treasury Secretary during the Clinton Administration). In a letter to President Barack Obama, Summers -- a former top economic aide -- addressed the many challenges he faced in a potential confirmation process.

“I have reluctantly concluded that any possible confirmation process for me would be acrimonious and would not serve the interests of the Federal Reserve, the administration, or ultimately, the interests of the nation’s ongoing economic recovery,” Summers wrote Sunday.

Continue reading.



Be the first to comment.

Please note: All comments will be reviewed and may take up to 24 hours to appear on the site.

Post Comment
     View Comment Policy
Back to Top