Clinton backs vice-chairman for top Fed post
Former United States president Bill Clinton said Janet Yellen would be "great" as the next chairman of the Federal Reserve and defended Lawrence Summers, who withdrew his name from consideration amid lawmaker opposition.
Former United States president Bill Clinton said Janet Yellen would be "great" as the next chairman of the Federal Reserve and defended Lawrence 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 on CNN's Fareed Zakaria GPS programme.
"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 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 has "done a fabulous job".
Senator Charles Schumer of New York, a senior member of the Banking Committee, said last week that Yellen would be an "excellent choice" to succeed Bernanke when his term expires on January 31.
Clinton defended Summers, who served under his administration as treasury secretary from 1999 to 2001.