POLITICS
09/16/2013 04:44 pm ET Updated Sep 17, 2013

Janet Yellen Now Fed Chair Front-Runner, Sources Tell The Wall Street Journal

Federal Reserve Vice Chair Janet Yellen is now the front-runner for the chair nomination, sources told the Wall Street Journal on Monday.

This comes after former Treasury Secretary Larry Summers withdrew his name from consideration for the nomination on Sunday afternoon.

Yellen received widespread support even before Summers' withdrawal on Sunday. In July, 20 Senate Democrats sent a letter to President Barack Obama encouraging him to consider Yellen for the position, citing her "independence, intellectual rigor and willingness to challenge conventional wisdom regarding deregulation - traits essential for a successful Fed Chairman."

A coalition of progressive groups and big donors pressed Senate Banking Committee members to oppose a Summers nomination before the former secretary withdrew. Among the groups were UltraViolet and the National Organization for Women.

"Lawrence Summers did the right thing by withdrawing his name to be the next chair of the Federal Reserve Board, and now the way is clear for President Obama to appoint the person who is roundly considered to be the best person for the job, and that is Janet Yellen," Terry O'Neill, president of the National Organization for Women, said in response to his withdrawal.

"We need a Federal Reserve Board chair with the vision, experience and sound judgment to defend our most deeply held values and beliefs - and that person is Janet Yellen."

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