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White House: No Decision on Federal Reserve Successor Until Fall

HeadlineJul 29, 2013

The White House has announced it would not announce a successor to Federal Reserve Chair Ben Bernanke until the fall. Speculation has centered on Bernanke’s current deputy, Janet Yellen, and Larry Summers, President Obama’s former economic adviser and treasury secretary under President Clinton. Summers’ name has sparked opposition from progressive critics over his role in pushing deregulatory policies that helped cause the financial crisis. He resigned as president of Harvard University in 2006 amidst uproar over his suggestion that women have less innate scientific ability than men.

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