Democrats maintain only a two-vote majority on the 22-member Senate Banking Committee, creating a razor-thin margin that has to be crossed when determining the next Federal Reserve Chairman. So far, at least three Democrats on the panel are expected to oppose Lawrence Summers if he is nominated, complicating the situation even more.
Per The Wall Street Journal:
"I think he'd have a tough time" getting confirmed in the Senate, said Senator Mark Begich (D., Alaska), who isn't on the panel but has suggested he would vote "no" on the Senate floor if Mr. Summers makes it that far. He said the president has the right to nominate the candidate of his choice but "I think this one is problematic."Sponsor Content