Obama hopes U.S. Fed boss will be a hit with both parties
Senate Democrats flexing its muscles on choice to replace Ben Bernanke
U.S. President Barack Obama will make “a very aggressive” case to win bipartisan support for his choice for the next U.S. Federal Reserve chairman, a decision that remains weeks away, his spokesman said.
Josh Earnest, Deputy White House Press Secretary, said the administration was unconcerned by the public pressure being exerted by some Senate Democrats on behalf of Fed Vice Chairman Janet Yellen, one of several potential candi- dates. Obama is considering who should succeed Ben S. Bernanke, whose term expires Jan. 31.
“It wasn’t a surprise to anybody here that members of the Senate had strong opinions,” Earnest told reporters on Martha’s Vineyard in Massachusetts, where the president is vacationing this week.
“I am confident that whomever the president nominates won’t just have strong Democratic support, but will also deserve strong bipartisan support.”
Earnest repeated Obama’s previous remarks that he won’t make a decision on the Fed chairman “until the fall.”
He declined to say whether the president has or will spend any part of his vacation speaking by phone or meeting in person with potential candidates, or discussing the process with staff, lawmakers or any of the business leaders and politically connected individuals he’s seeing this week on the golf course or at social functions.
“I don’t want to set a precedent about how open this process is going to be,” Earnest said.
“I don’t think it’s going to be particularly constructive for us to have an open audition, if you will, for the Fed nominee position.”
Aides to Obama and Senate Majority Leader Harry Reid discussed the process of choosing the next Fed chairman in the wake of a letter from a group of Senate Democrats promoting Yellen, according to a person briefed on the conversation who asked for anonymity.
The letter, signed last month by 19 Senate Democrats and one independent who caucuses with the party, emerged amid criticism from some Democrats of another possible contender, Lawrence Summers, who served as Obama’s first National Economic Council director.
The Fed selection process came up during a meeting between Deputy White House Chief of Staff Rob Nabors and David Krone, chief of staff to Reid, a Nevada Democrat, said the person.
The two officials meet about once a week, according to a congressional aide who asked not to be identified discussing private conversations.