BREAKING VICTORY: Larry Summers withdraws name from Fed Chair consideration

UPDATE 4:41 pm eastern, September 15: VICTORY!!! Larry Summers has withdrawn his name from consideration to become the next chair of the Federal Reserve.

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Thank you, thank you, thank you to the 165,402 members of the Daily Kos community who took action in this campaign. This is your victory. There is no way this would have happened without your efforts.

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Before any nominee to head the Federal Reserve is voted on by the full Senate, s/he must first be approved by the Senate Banking Committee. This gives us a good chance to stop Larry Summers from becoming the nexr chair of the Federal Reserve.

The Wall Street Journal has reported that 3 Democrats on the Committee—Elizabeth Warren, Sherrod Brown and Jeff Merkley—are prepared to vote against Larry Summers if he was nominated. If all of the Republicans on the committee joined them, then a majority of the committee would be opposed to Summers and his nomination would be defeated.

[Update: Sen. Jon Tester (D-MT), is now a fourth Democrat in opposition.]

We now have a realistic shot at stopping Larry Summers from leading the Federal Reserve, but we need to keep piling on the pressure. Please, send an email to your senator who sits on the Banking Committee, either urging him or her to oppose Larry Summers from becoming the next chair of the Federal Reserve, or thanking him or her for opposing Summers.


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