360° Coverage : (After 10) Obama favourite Summers says no to Fed chair

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(After 10) Obama favourite Summers says no to Fed chair
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(After 10) Obama favourite Summers says no to Fed chair

Sep 16 2013, 12:06am CDT | by IANS

Washington, Sep 16 (IANS) In the face of growing opposition from liberal Democrats and women's groups, Larry Summers, a former key economic adviser of President Barack Obama, has withdrawn his name from consideration to head America's central bank.

Washington, Sep 16 — In the face of growing opposition from liberal Democrats and women's groups, Larry Summers, a former key economic adviser of President Barack Obama, has withdrawn his name from...

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48 weeks ago

(After 10) Obama favourite Summers says no to Fed chair

Sep 16 2013, 12:06am CDT | by IANS

Washington, Sep 16 (IANS) In the face of growing opposition from liberal Democrats and women's groups, Larry Summers, a former key economic adviser of President Barack Obama, has withdrawn his name from consideration to head America's central bank.

Washington, Sep 16 — In the face of growing opposition from liberal Democrats and women's groups, Larry Summers, a former key economic adviser of President Barack Obama, has withdrawn his name from consideration to head America's central bank.

Summers, whom Obama credited with "playing no small part" in dealing with the 2008 economic crisis as head of his National Economic Council during his first term, was reported to be hot favourite as the president's pick as the

next chairman of the Federal Reserve, America's top economic policy regulator.

Obama said he spoke with Summers, who served as treasury secretary during the presidency of Bill Clinton, earlier Sunday and accepted his decision to be withdrawn from consideration to replace current Fed Chairman Ben Bernanke

whose term ends January 31.

"Larry was a critical member of my team as we faced down the worst economic crisis since the Great Depression, and it was in no small part because of his expertise, wisdom, and leadership that we wrestled the economy back to growth and made the kind of progress we are seeing today," he said in a statement.

Summers, who earned his reputation as a deregulator during the Clinton administration acknowledged that his confirmation hearings before the Senate could have been contentious.

In his letter to Obama announcing his withdrawal, Summers wrote that he "reluctantly concluded" that the confirmation process would be "acrimonious and not serve the interests of the Federal Reserve, the Administration, or ultimately, the interests of the nation's ongoing economic recovery."

"Our nation badly needs a chairman with a solid record as a bank regulator," wrote Summers who has also served as President of Harvard.

In July, a group of Democratic Senators sent a letter to Obama urging him to choose top contender Janet Yellen, whom Obama nominated as vice chair at the Fed in 2010, due to her monetary policy experience.

Meanwhile, more than 350 economists, including Nobel Prize winner Joseph Stiglitz, and Alan Blinder, a former economic adviser to Bill Clinton and former Fed vice chair himself, have sent a letter to Obama calling on him to nominate Yellen to be the Fed's next chairman.

The letter credits Yellen for prescience in warning in 2005 about an impending real estate meltdown, for her consensus style of leadership and for her commitment to job growth.

IANS

Source: IANS

 
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6

1 day ago

Top Trade Idea For August 20th,2014 – USD/JPY

Aug 20 2014 9:16am CDT | Source: Forex News

USDJPY: navigating central bank risk The Jackson Hole conference of central bankers may not be everyone’s idea of a barrel of laughs, but it can be big news for your portfolio. In the past, central bankers have used these speeches to announce changes in monetary policy; this is where Ben Bernanke first announced the prospect of QE. As we lead up to today’s meeting expectations are high that Janet Y ...
Source: Forex News   Full article at: Forex News
 

 
Update
5

4 days ago

Get Ready For Jackson Hole — Here's Your Preview Of This Week's Big Economic Events

Aug 17 2014 3:00pm CDT | Source: Business Insider

This is going to be a big week for the Federal Reserve. On Wednesday, the Fed will publish the minutes of its July Federal Open Market Committee (FOMC) meeting, which should offer some color regarding the Fed's view on the labor market. On Friday, Fed Chair Janet Yellen will speak at Jackson Hole, where the theme of this year's Economic Policy Symposium will be "Re-Evaluating Labor Market Dynamics." This comes as the labor mark ...
Source: Business Insider   Full article at: Business Insider
 

 
Update
4

3 weeks ago

Fed weighs key questions this week on reversing its low-rate policies but may reveal little

Jul 29 2014 12:06pm CDT | Source: Canadian Business Online

WASHINGTON – This much is clear: The Federal Reserve will make another cut this week in its monthly bond purchases, which have been aimed at keeping long-term loan rates low. This much is not: When will the Fed start tightening its interest-rate policy to thwart any runaway inflation? How will it do so? And when will the Fed start paring its enormous $4 trillion-plus investment portfolio — a step that will put upward pressure on interest rates? On those questions, expect no definitiv ...
Source: Canadian Business Online   Full article at: Canadian Business Online
 

 
Update
3

4 weeks ago

The Fed suckered IBM into a failing cloud strategy?

Jul 25 2014 8:38am CDT | Source: BetaNews

Economist David Stockman, who is probably best known for being President Reagan’s budget director back in the era of voodoo economics, has been particularly outspoken about IBM as a poster child for bad policy on the part of the US Federal Reserve. How this would be isn’t immediately obvious but I think is worth exploring because IBM is far from the only company so afflicted. There’s an important effect here to be understood ...
Source: BetaNews   Full article at: BetaNews
 

 
Update
2

5 weeks ago

Chairwoman Janet Yellen to deliver Federal Reserve report on monetary policy to Congress

Jul 15 2014 2:23am CDT | Source: Canadian Business Online

WASHINGTON – Federal Reserve Chairwoman Janet Yellen will have some good news to tell Congress this week about the health of the labour market. But lawmakers will likely press her to provide more information on just how the central bank intends to react to the good news. Yellen is scheduled to deliver the Fed’s twice-a-year report to Congress on interest-rate policy and the economy. She testifies before t ...
Source: Canadian Business Online   Full article at: Canadian Business Online
 

 

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