Obama says he has range of candidates to lead Fed

Updated at: 08/09/2013 3:05 PM

(AP) WASHINGTON - President Barack Obama says he has a range of outstanding candidates to lead the Federal Reserve and calls Lawrence Summers and Janet Yellen highly qualified to become the next Fed chairman.

Obama says in a White House news conference that he decided to push back against people who are urging him not to pick Summers because he saw his former economic adviser, in his words, "getting slapped around the press for no reason."

Summers served as the head of the National Economic Council during Obama’s first term. Yellen is the vice chair of the Fed.

Obama says he will decide in the fall whom to nominate to succeed the Fed’s outgoing chairman, Ben Bernanke.

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