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August 23, 2013

Elizabeth Warren May Control Larry Summers's Fate

Freshman lawmakers rarely influence outcomes in the Senate. Elizabeth Warren may be an exception if President Barack Obama nominates Larry Summers to be the next chairman of the Federal Reserve.

If the freshman senator — the populist scourge of Wall Street — supports her former Harvard University colleague, he probably would draw little opposition from Democrats and would likely muster enough Republican votes to win confirmation. If she opposes him, other Democrats may defect, too, and it might be a struggle to win over enough Republicans to get the 60 votes required.

Warren has signed a letter supporting Federal Reserve Vice Chairman Janet Yellen to succeed Ben Bernanke, whose term as chairman expires in January. However, Warren has indicated that she sees Summers as qualified, and people who know them both cautiously predict she would vote for him.

The choice is expected to be between Summers and Yellen. People familiar with Obama’s thinking say he is leaning toward Summers.”

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Read full Bloomberg article here

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