According to an article published today in the Wall Street Journal:
"Federal Reserve Vice Chairwoman Janet Yellen emerged as the front-runner to become the White House's nominee to lead the central bank, a day after Lawrence Summers pulled out of the contest amid congressional resistance, according to people familiar with the matter.
An announcement won't happen this week, officials said. White House press secretary Jay Carney said Monday that Mr. Obama is still on track to name his Fed nominee this fall, which he noted technically begins next week.
The search for a successor to Fed Chairman Ben Bernanke has become a messy public contest over the past few months after some lawmakers challenged Mr. Summers and spoke out in favor of Ms. Yellen. Mr. Obama had mentioned them both in July as candidates, along with former Fed Vice Chairman Donald Kohn".
"Federal Reserve Vice Chairwoman Janet Yellen emerged as the front-runner to become the White House's nominee to lead the central bank, a day after Lawrence Summers pulled out of the contest amid congressional resistance, according to people familiar with the matter.
An announcement won't happen this week, officials said. White House press secretary Jay Carney said Monday that Mr. Obama is still on track to name his Fed nominee this fall, which he noted technically begins next week.
The search for a successor to Fed Chairman Ben Bernanke has become a messy public contest over the past few months after some lawmakers challenged Mr. Summers and spoke out in favor of Ms. Yellen. Mr. Obama had mentioned them both in July as candidates, along with former Fed Vice Chairman Donald Kohn".
