Clinton backs Yellen for Fed while defending Summers's past

Former President Bill Clinton said Janet Yellen would be “great” as the next chairman of the Federal Reserve and defended Larry Summers, who withdrew his name from consideration amid lawmaker opposition.
OCT 25, 2013
Former President Bill Clinton said Janet Yellen would be “great” as the next chairman of the Federal Reserve and defended Larry Summers, who withdrew his name from consideration amid lawmaker opposition. “I also consider Janet Yellen a friend and I think she has shown good judgment,” Clinton said in an interview on CNN's “Fareed Zakaria GPS,” scheduled to air tomorrow. “She's been right on everything that's happened in this whole aftermath of the financial crisis. So if she gets the job, I'll be thrilled, too.” The likelihood of Yellen, 67, replacing Ben S. Bernanke as Fed chief has increased as White House officials began gauging lawmakers' support and she won the backing of a top Senate Democrat. She currently is vice chairman of the Fed, where Clinton said she's “done a fabulous job.” Senator Charles Schumer of New York, the chamber's No. 3 Democrat and a senior member of the Banking Committee, said Sept. 18 that Yellen would be an “excellent choice” to succeed Bernanke when his term expires on Jan. 31. Clinton defended Summers, who served under his administration as Treasury secretary from 1999 to 2001. Summers withdrew his name from consideration as Fed chairman following opposition from some Democrats, women's groups and other advocacy organizations against his potential nomination. “I think there's this kind of cartoon image that's been developed that somehow Larry Summers was a one-note Johnny, just trying to let big financial titans ravage the land,” Clinton said. “It's just ludicrous.” Summers served as director of the National Economic Council for President Barack Obama from January 2009 until November 2010. “He played a central role in helping President Obama use the power of the government to try to bring the economy back when we were on the brink of just sliding into depression when he took office,” Clinton said. (Bloomberg News)

Latest News

Advisor moves: FiNet practice Merrit Point tucks in $1B Truist team in Florida debut
Advisor moves: FiNet practice Merrit Point tucks in $1B Truist team in Florida debut

Elsewhere, a Commonwealth team in Massachusetts converts to Cetera, while Janney draws four former Wells Fargo advisors to its Radnor, Pennsylvania office.

Trader used firm ties to freeze $3.6 million, investors allege
Trader used firm ties to freeze $3.6 million, investors allege

Clients say he copied the boss on his emails - and now they can't touch their cash.

CFTC alleges North Carolina fund manager faked profits, lost $8.6 million
CFTC alleges North Carolina fund manager faked profits, lost $8.6 million

He wired millions to his own accounts and told investors the fund was winning.

OnePoint BFG taps RISR as advisors chase business-owner clients
OnePoint BFG taps RISR as advisors chase business-owner clients

The partnership arrives as most small business owners near retirement age still don't have a formal succession plan in place.

Trust & Will cuts staff amid restructuring, AI disruption
Trust & Will cuts staff amid restructuring, AI disruption

A spokesperson for the estate planning fintech cited AI's reshaping of the industry as Trust & Will restructures its business.

SPONSORED Who builds the income when the pension disappears?

Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income

SPONSORED Why direct indexing stopped being optional

Direct indexing is on pace to outgrow ETFs and mutual funds. Northern Trust's Ken Lassner explains why the advisors who get it wish they had started sooner.