Battle for Fed Chair Rages Behind the Scenes

“Rarely has the appointment of a new Fed chairman been accompanied by so much commotion, penetrating even the political dead zone of mid-August,” the Washington Post reports.

“The fight pits allies of Larry Summers, who also was Obama’s top economic adviser during the darkest days of the recession, against those of rival candidate Janet Yellen, the Fed vice chairman who has been an architect of the bank’s effort to reduce unemployment rates.”

“The opposing camps have waged high-profile media campaigns, featuring dueling op-eds in the nation’s top newspapers, interviews defending their candidates and comments on social media. But the battle also has played out behind the scenes.”

Wonk Wire: Can anyone forge a consensus like Bernanke?