Lawrence Summers will need to “do a mea culpa” and admit his role in deregulatory mistakes that helped cause the Great Recession if the Washington, D.C., financial mandarin wants to be chairman of the Federal Reserve Board, U.S. Sen. Maria Cantwell, D-Wash., said in Seattle on Thursday.
Cantwell sits on the Senate Finance Committee, which must approve any nomination for Fed chairman, and is frankly suspicious of the former secretary of the treasury. “Nobody is going to get my support unless owning up to mistakes of the past,” she said after a Seattle news conference.
Indications are that Obama really wants to pick his buddy Summers, so it is likely he will get the job unless his nominating him becomes politically too problematic. The President has several more important priorities so probably doesn’t want to waste too much time and energy on Summers.
The more senators who speak out against Summers or indicate they are going to make the confirmation process painful, the less likely Summers will end up chair.
At the very least, watching Summers forced to publicly apologize and admit he was wrong for most of the past two decades will make for some entertaining C-SPAN.
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