Thursday, July 25, 2013

Report: Senate Dems Write To Obama, Saying They Want Yellen Over Summers For Fed Chair


Senate Democrats have signed onto a letter urging President Barack Obama to appoint Janet Yellen to be Ben Bernanke's successor as chairman of the Federal Reserve, according to The Wall Street Journal. 
Yellen currently serves as the vice chairman of the Federal Reserve Board of Governors.
The Journal reported it could not confirm the full list of senators who signed on, but the list appears to represent the more liberal wing of the Democratic caucus -- a third of the 54 seats they currently hold in the upper chamber.
"There's a lot of concern among a lot of Democrats about an appointment of Larry Summers to that long-term position as Fed chairman," Sen. Tom Harkin (D-IA), who signed the letter, told the Journal. "He was one of the architects of getting rid of Glass-Steagall, of getting rid of other regulations. There's real concern about his economic views not really being in line with Obama's views."
Sens. Dianne Feinstein (D-CA), Dick Durbin (D-IL) and Angus King (I-ME) are also confirmed to have signed the letter.

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