Summers' Fed nomination looking a bit more likely

|By:, SA News Editor

The chances of Larry Summers winning out over Janet Yellen for the top spot at the Fed increase a bit more as the Obama administration - getting ahead of criticism about a lack of gender diversity atop the central bank - lets leak the likely nomination of Lael Brainard to fill one of two vacant seats on the Fed's board of governors.

Brainard is one of the most highly ranked female members of the President's economic team - she's currently undersecretary for international affairs at Treasury.

The WSJ reported earlier this weekend at least 3 Democrats on the Senate Banking Committee are expected to oppose Summers' nomination, meaning Republican support would be necessary to move his appointment forward.