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POLITICS: PennAve

White House denies report Larry Summers is Fed choice

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White House,Brian Hughes,Barack Obama,PennAve,Economy,Federal Reserve,Ben Bernanke,Budgets and Deficits,Janet Yellen,Larry Summers

The White House on Friday denied a media report that said President Obama has chosen former Treasury Secretary Lawrence Summers as his nominee for Federal Reserve chairman.

Japan’s Nikkei newspaper, quoting unnamed sources, said Obama was "set to" tap Summers for the position as early as next week.

“Fed watchers: the latest rumors this morning in the Japanese press aren't true — POTUS has not yet made a decision on Fed Chair," White House spokeswoman Amy Brundage said in a tweet.

Obama has kept his Fed pick under wraps as much of Washington debates his selection.

Summers is viewed as the frontrunner for the post, but a growing number of progressives are pushing for Federal Reserve Vice Chairwoman Janet Yellen to follow current Chairman Ben Bernanke, whose term ends Jan. 31 of next year.

Earlier this week, 350 economists urged Obama in a letter to tap Yellen for the post.

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Brian Hughes

White House Correspondent
The Washington Examiner