Schumer endorses Janet Yellen to become next Fed chairman

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Schumer said he was previously undecided between Yellen and Larry Summers, who recently served as director of President Obama’s National Economic Council.

Schumer is now backing Yellen after Summers withdrew his name over the weekend.

“Until a few days ago, I said both Janet Yellen and Larry Summers would be a good Fed chair,” he said. “Now that Summers has pulled out, I think the president should choose Yellen. She’s an excellent choice.”

Schumer, a senior member of the Senate Banking Committee, is an influential voice on financial regulatory issues in the Senate. As New York’s senior senator, he also represents Wall Street, one of his state’s biggest industries.

“One of the great ironies is Summers was tagged with being the Wall Street guy. But actually, many people on Wall Street have preferred Yellen, not because of any views on deregulation but because she’s been so good at predicting where the markets would go,” he said. “So I think the president should choose Yellen.”

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