| LOS ANGELES, Sept 9
LOS ANGELES, Sept 9 The chief of the AFL-CIO
said the largest U.S. federation of labor unions will not
campaign against the nomination of Lawrence Summers to be the
next Federal Reserve chairman.
While AFL-CIO President Richard Trumka reiterated that he
would prefer to see Federal Reserve Vice Chairman Janet Yellen
lead America's powerful central bank, he said his group would
not join liberal groups openly opposing Summers.
"We're not going to get involved in a campaign against
anybody," Trumka told reporters on Sunday at the labor
federation's quadrennial convention in Los Angeles.
The AFL-CIO's 57 member unions represent more than 12
million workers in a variety of industry sectors.
The convention will set the federation's agenda for the next
four years. Its focus is to work with non-labor allies to
achieve common goals.
Trumka had not previously said if the AFL-CIO would seek to
block Summers, should he be nominated by the White House. But
Trumka has been candid that labor would prefer Yellen.
"She understands that the Federal Reserve has two jobs, one
is to fight inflation, the other is to seek full employment,"
Trumka said. "The last several federal reserve chairmen have not
remembered their two-pronged test, they only remembered fighting
Trumka said Yellen was prescient in predicting the banking
crisis and would stand up for the country's workers.
Yellen and Summers are believed to be Democratic President
Barack Obama's top candidates to succeed Fed Chairman Ben
Bernanke, whose second four-year term ends in January.
Obama's Fed pick, after being vetted by the White House,
would have to be confirmed by the Senate.
The White House has said no decisions have been made about
Bernanke's successor, and the president is unlikely to announce
the nominee until later this year.