Four Democrats on Banking Committee Now Likely to Oppose Summers
By Damian Paletta
WASHINGTON--Lawrence Summers's prospects of becoming chairman of the Federal Reserve next year were dealt another blow
late Friday when Sen. Jon Tester, (D., Mont.) signaled he would oppose the Harvard economist if President Barack Obama
Mr. Tester, considered a political centrist, joins at least three other Democrats on the Senate Banking Committee who
are expected to vote against Mr. Summers, if he is nominated.
Democrats hold just a 12-10 advantage on the banking panel, and the opposition from Democrats would make it impossible
for Mr. Summers to advance without Republican support.
"Sen. Tester believes we need a consensus-builder to lead the Federal Reserve," a spokeswoman for the lawmaker said. "
He's concerned about Mr. Summers's history of helping to deregulate financial markets."
Write to Damian Paletta at email@example.com
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