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Thursday, Sep 5
Three Democrats may vote against Summers for Fed chief: WSJ
- Senate Banking Committee members Jeff Merkley of Oregon, Sherrod Brown of Ohio, and Elizabeth Warren of Massachusetts are among Democrats who will not support Larry Summers for Fed chief, WSJ says, citing congressional aides.
- If the three Democrats do indeed oppose him, Summers will need the support of at least some Republicans in order to get through the Committee to a vote on the Senate floor, as Democrats' majority on the panel is two seats.
- Facing potential opposition from both sides of the aisle, Summers may not be the best choice considering the market's disdain for uncertainty.
- "For a number of reasons, I don't know why the White House would go ahead and nominate Larry Summers," a former aide to Senate Majority Leader Harry Reid tells the Journal.