Larry Summers Faces Tough Battle if Picked for Fed Chair
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Andrew Harrer/Bloomberg via Getty Images (NEW YORK) — Former Treasury Secretary and Obama economic advisor Larry Summers may be a front-runner to succeed Ben Bernanke as chairman of the Federal Reserve. But he could face a tough time getting confirmed by the Senate.
At least three Democrats on the Senate Banking Committee are expected to oppose Summers if he’s nominated, reports the Wall Street Journal.
This sets up “a razor-thin vote to determine who will lead the central bank at a critical moment for its easy-money policies,” says the newspaper.
So far, no Republican has publicly expressed support for Summers or any other likely Fed nominees.
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