CNBC: Former Harvard president Larry Summers to be next Fed chair

Updated:

(MyFoxBoston.com) – Larry Summers, a former Harvard president, could soon be leading the Federal Reserve.

Sources close to the Obama administration told CNBC that Summers will likely be named the new chairman of our country's central banking system. The announcement is expected to come in the next few weeks.
    
Current chairman Ben Bernanke is expected to step down next January, ending nearly eight years heading the fed.
    
Though Summers seems to be a clear favorite for the position, Fed Vice Chair Janet Yellen is also being considered.

Summers drew wide spread criticism in 2005 for saying women had a "different availability of aptitude" compared to men when it comes to science and engineering.
    
Summers was the youngest tenured professor at Harvard at age 28.

Read more: CNBC