Weekend Economists Take a Chance and Call a Bluff July 26-28, 2013

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24. Obama Said Not Ready to Decide on Fed Chief for Weeks

http://www.bloomberg.com/news/2013-07-26/senate-democrats-ready-letter-urging-yellen-as-fed-chief.html

President Barack Obama won’t nominate a successor to Federal Reserve Chairman Ben S. Bernanke until at least September, an administration official said, as a group of Democratic senators urged him to choose Fed Vice Chairman Janet Yellen.

Obama hasn’t made a decision, according to the official, who asked not to be identified in discussing internal planning. Bernanke, whose second four-year term ends on Jan. 31, hasn’t indicated whether he would seek or accept a third term.

Last month, Obama said the Fed chairman has stayed in the post “longer than he wanted.” White House officials have begun to focus on how Obama will leave his mark on the central bank. The Associated Press reported the timing earlier.

About a third of the 54-member Senate Democratic caucus signed a letter praising Yellen and encouraging Obama to nominate her, according to three Senate aides who asked not to be identified discussing internal matters. While the letter, sent today and obtained by Bloomberg News, doesn’t identify any other candidate, former Treasury Secretary Lawrence Summers is another potential pick.