Obama Said Not Ready to Decide on Fed Chief for Several Weeks

President Barack Obama won’t announce a replacement for Federal Reserve Chairman Ben S. Bernanke at least until September, according to an administration official.

Obama hasn’t made a decision on naming the next Fed chief, according to the official, who asked for anonymity to discuss internal planning.

Bernanke, whose second four-year term expires Jan. 31, hasn’t indicated whether he would seek or accept a third term. Obama said last month that the Fed chairman has stayed in the post “longer than he wanted.”

The Associated Press reported the timing earlier today.

About a third of the Democrats in the U.S. Senate have signed a letter pressing Obama to nominate Fed Vice Chairman Janet Yellen for the post. While the letter doesn’t name any other candidate, former Treasury Secretary Lawrence Summers is another potential nominee.

To contact the reporter on this story: Hans Nichols in Washington at hnichols2@bloomberg.net

To contact the editor responsible for this story: Steven Komarow at skomarow1@bloomberg.net

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