The Fed, Lawrence Summers, and Money

Wochit 0:56 mins

The Obama administration is considering nominating Larry Summers as the next chairman of the Federal Reserve. If that happens, Mr. Summers?s financial disclosure will be one of the hottest documents in Washington. Among the top contenders for the position, Mr. Summers has by far the most Wall Street experience and the most personal wealth. Stocks fell on Friday and posted their biggest weekly decline since June as investors focused on when the Federal Reserve would begin to scale back its stimulus. All but one of the 10 S&P 500 sector indexes ended lower. President Barack Obama is still considering several candidates for the chairmanship of the Federal Reserve and will announce his decision in the coming months.

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