| WASHINGTON, July 23
WASHINGTON, July 23 President Barack Obama has
not made a decision on a nominee to replace Federal Reserve
Chairman Ben Bernanke, who is expected to step down at the end
of his term in January, a person familiar with the process said
The Washington Post reported on Tuesday that former White
House economic adviser Larry Summers was the front-runner for
Janet Yellen, the Fed's vice chair since 2010, is considered
another strong contender.
White House spokeswoman Amy Brundage declined to comment on
reports that Summers was in line for the job.
A source close to Obama told Reuters that the president had
not made up his mind. An announcement was not expected for some
time, probably not until the fall.
Summers is a Harvard economist who was Obama's first
National Economic Council director. He also served as Treasury
secretary under President Bill Clinton.
Though well-liked by his former White House colleagues and
the president, Summers could be a controversial choice for Fed
chair because of a reputation for rubbing people the wrong way.
Yellen would be the U.S. central bank's first female chief.
She previously served as president of the Federal Reserve Bank
of San Francisco and was chair of the White House Council of
Economic Advisers under Clinton.
Obama hinted in a television interview in June that Bernanke
would leave the Fed when his second term expires on Jan. 31.
Bernanke has brushed aside questions at news conferences about