"Summers is in a box because obviously the liberals don't like him but that doesn't necessarily endear him more to Republicans."
- a Republican aide
In case Ben Bernanke will be replaced by someone else as the next Federal Reserve Chairman, this person will have a powerful impact on the world's largest economy's development and the well-being of each person in the U.S. The U.S. central bank is not only responsible for the monetary policy, but also is a key regulator of financial institutions. Currently, there are two possible candidates for this position- Lawrence Summers and Janet Yellen. However, Summers is expected to face a tougher confirmation battle in case he is picked up to be the next Fed's Chairman. He would face resistance from both the Democrats and Republicans, who are unhappy with his role in crafting 2009 stimulus package.
The appointment of Summers may reopen old political wounds over the $800 billion fiscal stimulus, which was passed soon after Obama took office during the financial crisis. Despite it, Summers has a big advantage over Yellen - he is not associated with the quantitative easing policies, which are views with big scepticism. In late 2009 and early 2010 Bernanke was given a green light by a vote of 70 to 30, however, for Summers this confirmation could be much trickier.
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