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.
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