Nikkei: Obama to name Summers as next Fed chief

|By:, SA News Editor

President Obama plans to name Larry Summers as the next Chairman of the Federal Reserve, Japan's Nikkei (of all the news organizations) reports, citing sources.

An announcement could be made late next week after the FOMC finishes its latest policy meeting

Undersecretary Lael Brainard, who was an economic adviser in the Clinton administration, is set to be appointed as the Fed's vice chairman.