President Obama has defended Summers, who headed his economic team for two years during his first administration, against charges from the left that Summers is unfit for the job because of his close ties to Wall Street.

Midler on Monday portrayed Summers as a shill for the banking industry.

Obama insists that he hasn’t settled on a replacement for Ben Bernanke, who many expect will leave the Fed early next year. Fed Vice Chairwoman Janet Yellen has also been mentioned as a potential replacement.

Obama has called his nomination of a candidate to lead the central bank “one of the most important economic decisions I'll make in the remainder of my presidency.”