Former U.S. Treasury Secretary Lawrence Summers is indicating to President Barack Obama’s Wall Street supporters that he wants to become Federal Reserve chairman, according to people familiar with the matter, as he keeps in touch with senators who would vote on the nomination.
“As a matter of fact, I have a meeting scheduled with him next week,” Senator Max Baucus, a Montana Democrat and chairman of the Finance Committee, said July 9. “I don’t know what’s on the agenda.”
Summers, 58, who was Treasury secretary under President Bill Clinton and Obama’s first National Economic Council director, is one of the potential candidates to succeed Chairman Ben Bernanke, according to two people familiar with the matter, who requested anonymity.
Obama and his advisers have started to focus on how the president will put his mark on the central bank. Bernanke’s term expires at the end of January 2014 and the administration has started a search under the assumption that Bernanke doesn’t want a third four-year term, according to two administration officials who requested anonymity.