A Japanese media outlet says that U.S. President Barack Obama has chosen a successor to Federal Reserve Chairman Ben Bernanke.
Sources tell the Nikkei newspaper that former U.S. Treasury Secretary Larry Summers will be nominated to lead the Federal Reserve and that an announcement could be made next week. Summers headed the treasury department during President Bill Clinton’s administration, Reuters notes.
Recent media reports indicated that Summers was in competition with current Federal Reserve Vice Chair Janet Yellen for the Fed’s top spot.
Summers has also served as the World Bank’s chief economist and the president of Harvard University.
The U.S. dollar rose against other currencies in the wake of the Nikkei’s report.
Bernanke steered the U.S. through the financial crisis and government bailouts of major banks, insurers and automotive manufacturers. His term as Fed Chairman expires in January. Earlier this year, Obama praised Bernanke’s tenure, noting that he had probably held the position “longer than he wanted” to.