White House says no decision on Fed chair until the fall

July 26, 2013

That's what the AP is reporting, anyway.

For the White House, the debate over who should be the next Fed chair has gotten way out of hand over the last week. Former Obama administration officials are speaking on-the-record about gender bias on the economic team. The Hill backlash to Larry Summers has been unexpectedly intense. At this point, choosing Summers would infuriate liberals and choosing Yellen would look like a retreat — which is a terrible state of affairs.

The White House needs to let the temperature come down a bit, add more names to the short list and make sure there's a process where partisans of all the candidates feel fairly treated. By pushing a decision off until the fall, they give things time to settle down, and give themselves time to find a solution that will make everyone happy — or if not happy, then not too unhappy.

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