(Washington, DC) -- White House spokesman Jay Carney says President Obama will nominate a new Federal Reserve chairman in the fall. Current Fed Chairman Ben Bernanke will step down when his term expires early next year.
Meantime, Carney stepped around numerous questions about Lawrence Summers, who withdrew his name from consideration over the weekend. Summers is a former Treasury Secretary and key Obama economic adviser but faced considerable opposition from some Senate Democrats.
Carney heaped praise on Summers and said he contributed greatly to the economic turnaround after the 2008 financial crisis.