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16 Sep 2013
Larry Summers withdraws name for Fed Chairman
FXstreet.com (Barcelona) - Mr. Summers has pulled out of the running for Fed chairman, an unexpected development perceived as USD bearish, with talk pointing to speed-up a the ‘taper’ under his direct supervision vs contender for the job, Janet Yellen.
“I have reluctantly concluded that any possible confirmation process for me would be acrimonious and would not serve the interest of the Federal Reserve, the Administration or, ultimately, the interests of the nation’s ongoing economic recovery,” Mr. Summers said in a letter to the president that followed the telephone call.
Early reports suggested democrats has been hardening its opposition towards Summers, with the Senate Banking Committee seen voting no if Summers nominated. There appears to be skepticism over the Democrats that Summers is the ideal candidate fir for the job as Fed Chairman, following its controversial role in banking deregulation.
“I have reluctantly concluded that any possible confirmation process for me would be acrimonious and would not serve the interest of the Federal Reserve, the Administration or, ultimately, the interests of the nation’s ongoing economic recovery,” Mr. Summers said in a letter to the president that followed the telephone call.
Early reports suggested democrats has been hardening its opposition towards Summers, with the Senate Banking Committee seen voting no if Summers nominated. There appears to be skepticism over the Democrats that Summers is the ideal candidate fir for the job as Fed Chairman, following its controversial role in banking deregulation.