Will Bernanke Get a 2nd Term?
Wall Street wants him to stay at Fed, but Summers, Congress could force him out
By Jason Farago,  Newser Staff
Posted Jul 9, 2009 7:04 AM CDT
Tim Geithner talks with Lawrence Summers in the Rose Garden of the White House in Washington, Friday, May 22, 2009.   (AP Photo/Haraz N. Ghanbari)
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(Newser) – Ben Bernanke's term as Fed chairman expires this year, and the White House and Treasury are weighing the opinions of two groups: financial executives who want the central banker reappointed, and members of Congress who want him gone. A Wall Street Journal poll found that 43 of 46 economists in the private sector want Bernanke to serve a second term. But some legislators, including Senate Banking Committee head Chris Dodd, think he's too beholden to the banks.

Also complicating Bernanke's reappointment: Larry Summers, the president's chief economic adviser, is known to want to move to the Fed. But his abrasive Harvard presidency and poor reputation on Wall Street could lead Congress to block his selection. And it's possible that Barack Obama and Tim Geithner might bypass both men; Janet Yellen, who leads the San Francisco Fed, has many fans in the administration and is considered a top contender.