Bernanke Won’t Be Replaced Until Fall

There's been a lot of speculation on who will succeed Fed Chairman Ben Bernanke, but maybe everyone should slow down: Obama won't pick a successor until the fall, said an administration official on Friday. Although the choice seems to have been narrowed down to Janet Yellen (Bernanke's number two) and Lawrence Summers (Clinton's Treasury secretary), Obama has not yet made a decision. The next Fed chairman, whoever it is, will be responsible for transitioning the country out of recession mode and moving the central bank back toward a more traditional monetary policy.