Reuters: Politics: Obama wants some 'space' to make Fed decision: source

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Obama wants some 'space' to make Fed decision: source Aug 14th 2013, 04:55 Tweet Share this Email Print Related News Rainy vacation day for Obama: Fried food, basketball Tue, Aug 13 2013 Summers the odds-on favorite in bets for Fed chair; Yellen lags Tue, Aug 13 2013 Obama taking economic message on bus tour next week Mon, Aug 12 2013 Analysis & Opinion Obama's dangerously heroic view of the Fed What does Obama’s snub mean for U.S.-Russia relations? The sun rises to the east of the U.S. Federal Reserve building in Washington, July 31, 2013. Credit: Reuters/Jonathan Ernst VINEYARD HAVEN, Massachusetts | Wed Aug 14, 2013 12:55am EDT VINEYARD HAVEN, Massachusetts (Reuters) - U.S. President Barack Obama wants some "space" to make a decision on who to nominate to replace Ben Bernanke as chairman of the Federal Reserve when his term expires in January, a source familiar with the process said. Obama is considering a handful of candidates for the top job at the U.S. central bank. The front-runners are believed to be former Treasury Secretary and Obama economic adviser Larry Summers and current Fed Vice chair Janet Yellen. White House officials were annoyed when a group of Democrats in the U.S. Senate wrote a letter to Obama strongly urging the president to pick Yellen. White House deputy chief of staff Rob Nabors addressed the issue with Senate Majority Leader Harry Reid's chief of staff, David Krone, the source said. Reid's staff reiterated that he would support the president's choice, no matter who he picks. Obama said last week he would make his decision in the fall. During a press conference he also defended Summers - as he did with Democrats on Capitol Hill - for being unfairly maligned. Summers was a top economic adviser to Obama during the first half of his first term. Liberal-leaning critics have knocked him for his role in spearheading financial deregulation in the 1990s and for not pushing for a greater amount of stimulus funds from Congress in 2009. "The president hasn't raised the issue of the letter specifically, but believes he needs space to make a final decision," the source said. "At the same time, what he has been unhappy about are what he views as unfair attacks against Larry, and has felt compelled to defend Larry, who was a key member of his team during a very difficult time," the source said. Obama is on vacation on the Massachusetts island of Martha's Vineyard. He returns to Washington on Sunday and plans to take a bus tour next week to continue a series of speeches about the economy. (Reporting by Jeff Mason; Editing by Xavier Briand) Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (0) Be the first to comment on reuters.com. Add yours using the box above.

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