The Larry Summers trial balloon is behaving as if it was filled with lead. Not only have many liberal and economic bloggers strongly criticized the prospect of President Obama nominating Summers to run the Federal Reserve, but several prominent Democrats are actively lobbying for Obama to choose Vice Chair Janet Yellen as the next Chairperson instead.
According to the Wall Street Journal the Senate Democrats sent a letter to Obama urging him to pick Yellen as the new Chairperson. The letter was signed by roughly a third of the Democratic caucus who come mainly from the liberal wing of the party.
Greg Sargent has the full text of the letter. While it doesn’t directly mention Summers, only one person can get the job so pushing for Yellen after Summers was declared the likely front runner for the positions is a clear repute against him. The letter makes the strong case that Yellen, calling her “the best person for the job.”
Faced with a growing controversy the administration let it be known they don’t plan to pick anyone until the fall. A few extra months could potentially give the administration time to see if the controversy will subside on its own and to try to quietly make the case for Summers to Senate Democrats or even time vet other possible candidates.
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