Obama Not Necessarily Saying Larry Summers Is Next Fed Chair, Is Saying He Deserves Your Respect And Maybe That Hovercraft He's Been Asking For

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President Barack Obama, asked about former Treasury Secretary Larry Summers as a candidate for Federal Reserve chairman, said his former economic adviser is being unfairly criticized in public debate about the selection, 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, following a meeting with House Democrats today. Obama then met with Senate Democrats. Obama told House Democrats he hadn’t decided whom to appoint as Fed chairman -- though he said Summers was being unfairly criticized, Sherman said. Summers and Janet Yellen, the Fed’s current vice chairman, are the two leading contenders to replace Chairman Ben S. Bernanke, whose term expires Jan. 31, according to people familiar with the search. 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.” [Bloomberg, earlier re: toys]

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