AP Source: Obama's pick to lead the Federal Reserve won't come until the fall

  • Article by: JULIE PACE , AP White House Correspondent
  • Updated: July 26, 2013 - 12:35 PM

WASHINGTON — The White House says President Barack Obama is not expected to name a new chairman of the Federal Reserve until the fall, lowering expectations for an imminent announcement.

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mylittleidJul. 27, 1312:58 PM

Larry Summers would be a terrible choice for chairman of the Fed. Summers supported the Gramm-Leach-Bliley Act, which repealed key provisions of the Glass-Steagall act. This deregulation contributed to the financial crisis leading to the recent great recession. Summers went on to block efforts to regulate the derivatives markets. It was those markets that turned a relatively benign subprime mortgage problem into an economic catastrophe. When he was President of Harvard, Summers made a risky $3.5 billion bet on the derivatives market that ultimately lost $1 billion in value and forced Harvard to borrow huge sums to meet the margin calls. This man should be kept as far away as possible from a position like chairman of the Federal Reserve. He clearly lacks the judgement required by such a position.

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