WASHINGTON (AP) - President Barack Obama is facing pressure from liberal Democrats who are urging him not to pick Lawrence Summers to run the Federal Reserve.
WASHINGTON (AP) — President Barack Obama is facing pressure from liberal Democrats who are urging him not to pick Lawrence Summers to run the Federal Reserve.
Obama is pushing back after being pressed by Rep. Ed Perlmutter of Colorado about his consideration of Summers to replace outgoing chairman Ben Bernanke. Obama strongly defended Summers during a meeting the president held Wednesday with House Democrats.
Summers is a Clinton-era treasury secretary who headed the National Economic Council during Obama's first term. Some Democrats are unhappy with his push to deregulate financial markets. And women bristle over comments he once made questioning their abilities in math and science.
The White House says that Obama's defense of Summers isn't an endorsement for the Fed post and that Obama won't announce Bernanke's replacement until the fall.