'I think that the president is working through a difficult decision,' Warren said. Warren: Yellen would be 'terrific'

Elizabeth Warren said Monday she hopes President Barack Obama will pick Janet Yellen to run the Federal Reserve and that it was “no secret” that Larry Summers was not the Massachusetts senator’s first choice.

“Janet Yellen, I hope, will make a terrific federal reserve chair,” Warren said on MSNBC’s “Morning Joe.” “I hope she’s nominated. She has great experience, she has great judgment. I think she would make a terrific Federal Reserve chair. The president will make his decision, but I hope that happens.”


Summers announced Sunday that he was removing his name from consideration because of what was expected to be an extremely difficult confirmation process. Warren, along with several other Democrats on the Senate Banking Committee, were expected to oppose Summers’s nomination.

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“Well, I don’t think it’s any secret that Larry was not my first choice,” Warren said. “He’s a brilliant economist who has made many terrific contributions to the field of economics. I have no doubt that he’s going to continue to do that in the future. I think that the president is working through a difficult decision. It’s a reminder of the importance of the Federal Reserve chair…. I think the president is taking his time, he’s thinking through this and we’re having a good and thoughtful discussion, which is a good thing to have in Washington.”