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from liberal Democrats and women's groups, Larry Summers, a former key economic adviser of President Barack Obama, has withdrawn his name from consideration to head America's central bank.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from liberal Democrats and women's groups, Larry Summers, a former key economic adviser of President Barack Obama, has withdrawn his name from...

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1 year 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from liberal Democrats and women's groups, Larry Summers, a former key economic adviser of President Barack Obama, has withdrawn his name from consideration to head America's central bank.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from liberal Democrats and women's groups, Larry Summers, a former key economic adviser of President Barack Obama, has withdrawn his name from consideration to head America's central bank.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who served as treasury secretary during the presidency of Bill Clinton, earlier Sunday and accepted his decision to be withdrawn from consideration to replace current Fed Chairman Ben Bernanke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

 
Update
8

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Update
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6 weeks ago

Financial markets watching for 2 words as clues to Fed’s intentions on rates

Sep 16 2014 11:35pm CDT | Source: Canadian Business Online

WASHINGTON – Financial markets are awaiting the end of a Federal Reserve meeting Wednesday to see whether the Fed sends any clearer signal about the timing of an interest rate increase. The phrase that investors will be alert for is “considerable time.” The presence or absence of those two words is viewed as key to the Fed’s timetable for a change in its key short-term rate. The Fed has kept that rate at a re ...
Source: Canadian Business Online   Full article at: Canadian Business Online
 

 
Update
1

6 weeks ago

As Fed meets, speculation swirls over possible change in Fed language on timing of rate hike

Sep 15 2014 11:59am CDT | Source: Canadian Business Online

WASHINGTON – When the Federal Reserve issues a policy statement after it meets this week, the financial world will be on high alert for two words: “Considerable time.” The presence or absence of that phrase will trigger a rush to assess the likely timing of the Fed’s first increase in interest rates since it cut them to record lows in 2008. The Fed’s recent statements have said it expects to keep its key short-term rate near zero for a “ ...
Source: Canadian Business Online   Full article at: Canadian Business Online
 

 

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