It's MORNING EDITION from NPR News. I'm Renee Montagne.
DAVID GREENE, HOST:
And I'm David Greene. Good morning. This is likely the last day the Senate will be in session until mid-September. Tomorrow members of the House will lave town as well. They're heading out for their August recess with none of the frantic legislative scrambles and deal making that typically end a summer session. Instead, lawmakers seem to be saving their strength for epic battles when they get back. Here's NPR's David Welna.
Janet Yellen, vice chairwoman of the Federal Reserve, is under consideration to become the first woman to lead the Fed. President Obama reportedly is likely to choose between Yellen and former Treasury Secretary Lawrence Summers.
Credit Mark Wilson / Getty Images
Lawrence Summers is a former Treasury secretary and former president of Harvard University.
Originally published on Thu August 1, 2013 8:56 am
Of all the legacies presidents leave behind, few are as important — yet as poorly understood in the moment — as their picks for chairman of the Federal Reserve.
Paul Volcker, credited with taming double-digit inflation through backbreaking high interest rates that contributed to the recession of the early 1980s, was among President Jimmy Carter's most consequential appointments.