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Podcasts Take Two
With Larry Summers out as Fed chair, is Janet Yellen in?
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Sep 16, 2013
Listen • 7:30
With Larry Summers out as Fed chair, is Janet Yellen in?
President Obama's apparent favorite for new head of the Federal Reserve stepped aside yesterday. With Larry Summers gone, will the Fed get its first female Chair?
US Federal Reserve Vice Chair Janet Yellen speaks at a international monetary conference in Shanghai on June 3, 2013.
US Federal Reserve Vice Chair Janet Yellen speaks at a international monetary conference in Shanghai on June 3, 2013.
(
PETER PARKS/AFP/Getty Images
)

President Obama's apparent favorite for new head of the Federal Reserve stepped aside yesterday. With Larry Summers gone, will the Fed get its first female Chair?

Yesterday, Larry Summers took himself out of the running to head the Federal Reserve.  Summers, who served as an economic advisor to Presidents Clinton and Obama, was believed to be Mr. Obama's favorite to run the Fed.

But progressives blame Summers for pushing deregulation they believe was responsible for the financial melt-down in 2008.  After three Democratic senators on the Banking committee announced their opposition to his nomination, Summers stepped aside.

That leaves the number two at the Fed, Janet Yellen, as the new leading candidate.  National Journal chief correspondent Michael Hirsh says most believe Yellen will continue the policies of the current Fed Chair, Ben Bernanke.