Person Who Was (Basically) One Of Only Two Candidates For Job Now Top Candidate For Job After Other Candidate's Name Is Withdrawn

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Donald Kohn stays at number three so as not to give him the impression he might get the job.

Federal Reserve Vice Chairwoman Janet Yellen emerged as the front-runner to become President Barack Obama's nominee to lead the central bank after Lawrence Summers pulled out of the contest amid stiff congressional resistance, according to people familiar with the process. Mr. Obama in June mentioned three final candidates for the job in a closed-door meeting with lawmakers—Ms. Yellen, Mr. Summers, and former Fed Vice Chairman Donald Kohn, but Ms. Yellen and Mr. Summers have long been seen as the two leading candidates. The process for selecting a nominee isn't starting over, senior administration officials said Monday, and no new candidates for the position have been added to the mix. The only difference now is that Mr. Summers is no longer being considered. An announcement won't happen this week, officials said.

Yellen Now Front-Runner for Fed Chief [WSJ]

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Larry Summers Supposedly Too Rough Around The Edges To Be Named Fed Chairman

Who should replace Ben S. Bernanke as Chairman of the Federal Reserve when his term ends in January 2014? If anyone cared to ask us, we'd say no one: we like our Fed Chairman soft-spoken, bearded, and just as comfortable in dad jeans as they are in their bespoke Jos. A. Bank suits. But nobody asked and, according to Andrew Ross Sorkin, Bernanke has told "close friends" that regardless of whether or not Obama wins a second term, he's ready to move on. Apparently qualified successors are few and far between and while Larry Summers is said to be "at the top of the list," the fact that Treasury Secretary Tim Geithner may finally be granted freedom from his own personal Guantanamo Bay and will also necessitate a replacement who will have to work closely with the new Fed Chair poses some staffing issues, on account of the perception that Summers is somewhat difficult to work with. ...[Summers is] a serious economist who knows his numbers and has a worldview that is similar to the president’s. He would be expected to continue the loose money policy of Mr. Bernanke. But one of the knocks against Mr. Summers is that he has a reputation for not playing well with others. He has had his own run-ins with the president. And if you consider the Treasury secretary and Federal Reserve chairman as a tag team, you would have to be confident that whomever you pick for Treasury secretary would get along well with Mr. Summers. So he called some former students assholes. So he'll cut a bitch for getting between him and his steady stream of Diet Coke. So he chooses to sleep through co-workers' particularly boring presentations. So he makes female colleagues feel like "pieces of meat." So he shoots people unequivocal death stares that say, "I could have you killed and no one would find out" for the mere suggestion he might want to consider wearing socks. Is all that to say he's not an otherwise affable guy who'd make a fine workmate and prized addition to an office softball team? Casting Dual Roles At Treasury And The Fed [Dealbook]