Politic365

 
 


Policy

11:22pm September 15, 2013

Summers removes himself from consideration for Fed Chair, saving the WH a potential fight with Dems

Larry Summers

Larry Summers, who was a former economic advisor to President Obama and a Secretary of the Treasury in the Clinton administration, has taken his name out of consideration for the Federal Reserve chair. Summers has been criticized for his role in deregulation, which some attribute to causing the financial crisis, and his cozy relationships with Wall Street Banks. After servings as the president of Harvard, Summers served as a part-time managing director of a hedge fund and was compensated for delivering speeches by financial institutions such as Goldman Sachs, JP Morgan, and Lehman Brothers.

On Sunday, Summers sent a letter to President Obama. He said that the reason he was withdrawing his name was because: “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.”

At least four Democratic senators had announced their opposition to Summers if he were to be nominated for Fed Chair. Senators Jon Tester, Sherrod Brown, Jeff Merkley, and Elizabeth Warren had expressed opposition to Summers.

In addition to the opposition Summers would face from the Democrats, women’s groups such as the National Organization for Women and UltraViolet were gearing up to oppose Summers and instead support Janet Yellen, an economist from University of California, Berkeley and the Vice Chairwoman of the Board of Governor’s of the Federal Reserve System. While president of Harvard, Summers made a remark that women were not as represented in the sciences was because of some innate differences between men and women. That comment did not go over well with faculty and has often been cited as a reason for the vote of no confidence in his work as president.

President Obama said the following in a statement after Summers withdrew his name, “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. I will always be grateful to Larry for his tireless work and service on behalf of his country, and I look forward to continuing to seek his guidance and counsel in the future.”

With Summers deciding to withdraw from consideration, a fight between Democrats and the White House is averted. This comes after days of Democratic and GOP opposition to the President’s plan to attack Syria. The plan to attack Syria was canned after it looked like the Congress would not give authorization for such action. The President’s support of Larry Summers shows his willingness to attach himself to an establishment figure who is plainly unpopular with the Democratic base.

 

 



About the Author

Adriana Maestas
Adriana Maestas is the senior contributing editor of Politic365.com.




 
 

 
El Voto Hispano Documentary

Eva Longoria’s El Voto Hispano documentary closes in on Kickstarter funding deadline

Eva Longoria, who in the 2012 election cycle, emerged as one of the top Latino supporters of President Barack Obama is continuing her political work. This time she’s merging her film expertise with her interest in turning...
by Adriana Maestas
0

 
 
amara5

Amara Enyia, 30-year-old Community Activist, Takes on Rahm Emanuel

Dr. Amara Enyia, a 30-year-old community organizer and attorney, is running against Chicago Mayor Rahm Emanuel.  The election is in February 2015. With 40 shootings per weekend becoming routine, a year that featured the most m...
by Lauren Victoria Burke
0

 
 
myNYPD

#MyNYPD: NYPD Hashtag Blows Up Into Embarrassing Social Media Fiasco

#EpicFail.  Want to see a social media disaster? Go visit the hashtag #MyNYPD — if you dare. Today someone in PR-land at the New York City Police Department put on an unintended tutorial on how not to do social media. ...
by Lauren Victoria Burke
2

 

Advertisement
 
soto9

On Racism, Justice Sotomayor Slaps John Roberts in Affirmative Action Dissent

Today the U.S. Supreme Court dealt a blow to affirmative action by upholding a ban on the policy. In a lengthy dissent, Associate Justice Sonia Sotomayor added a particularly interesting passage on racism.  This would appear t...
by Lauren Victoria Burke
0

 
 
Current_2008_US_Electoral_College_Polling_Map

National Popular Vote gains momentum with New York joining the interstate compact

On Tuesday, April 15, the state of New York joined the National Popular Vote interstate compact after Governor Andrew Cuomo signed the National Popular Vote bill. The National Popular Vote would make it so that the voting publi...
by Adriana Maestas
2

 




0 Comments


Be the first to comment!


Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>