Japan Paper: Summers Gets Fed Nod

Larry Summers has won the race to be named chairman of the Federal Reserve, according to a report in the Japanese newspaper Nikkei. The article cites unnamed sources, however, and the White House has already denied that Obama has made a decision. Summers—a former Treasury Secretary, president of Harvard, and White House economist—is up against Janet Yellen, currently vice chairwoman of the Fed's board of governors. Obama is expected to announce his decision as soon as this month.