President Barack Obama told House Democrats that former Treasury Secretary Larry Summers -- a potential candidate for Federal Reserve chairman -- is being unfairly criticized, lawmakers said after a private meeting with the president.
"He took a minute to stand up for Larry Summers," said Representative Brad Sherman of California. Obama told Democrats he hadn't made a decision about who to appoint as Fed chairman though he said Summers was being unfairly criticized, Sherman said today.
Representative John Larson, a Connecticut Democrat, said the president "hasn't begun the process but he was, I thought, very adamant in his defense of the service Larry Summers has provided."
Obama met with House Democrats at the Capitol today and is also meeting with Senate Democrats.
Obama is weighing candidates to replace Ben S. Bernanke, whose term as head of the central bank expires Jan. 31. Nineteen Democratic senators and one independent signed a July 26 letter to the White House praising Fed Vice Chairman Janet Yellen and urging the president to nominate her as Fed chairman.
Several Senate Democrats have also publicly questioned whether Summers should lead the Fed.
To contact the reporter on this story: Kathleen Hunter in Washington at khunter9@bloomberg.net
To contact the editor responsible for this story: Laurie Asseo at lasseo1@bloomberg.net
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