Statement on Withdrawal of Larry Summers for Chairman of the Fed
“Larry Summers’ withdrawal from consideration to be the next Chairman of the Federal Reserve Board is good news for the country because it will end a debate that is distracting from the monumental challenges facing the next Chairman,” said Dennis Kelleher, President and CEO of Better Markets, Inc., a nonprofit organization that promotes the public interest in the financial markets.
“The Fed’s historic and unprecedented mortgage and Treasury bond buying programs have ballooned its balance sheet to more than $3 trillion while distorting markets. Its zero interest rate program has helped Wall Street tremendously, while hurting savers and retirees. Both have contributed to a stock market run up and a global hunt for higher yields. Unwinding those programs is essential, but will be particularly difficult because the economy is still struggling with the damage caused by the financial crash. Those complex issues affect every American and should dominate the debate over the next Chairman, not relitigating history, personality and politics,” Mr. Kelleher concluded.
Better Markets is an independent, nonprofit, nonpartisan organization that promotes the public interest in financial reform in the domestic and global capital and commodity markets. Better Markets advocates for transparency, oversight and accountability with the goal of a stronger, safer financial system that is less prone to crisis and failure thereby eliminating or minimizing the need for more taxpayer funded bailouts. To learn more, visit www.bettermarkets.com.