Obama defends Larry Summers to House Democrats

• Lawmakers says Obama %22took a minute%22 to stand up for Summers
• Summers served in Obama and former president Clinton%27s administrations
• Summers and current Fed Vice Chair Janet Yellen are top contenders to be the next Fed chairman

WASHINGTON — President Obama told House Democrats on Wednesday that he thinks former Treasury secretary Larry Summers -- who has emerged as a front-runner to become the next Federal Reserve chairman -- isn't being given a fair shot by some Democrats.

House Democrats who participated in a private meeting with Obama on Capitol Hill on Wednesday told reporters that Obama made the defense of Summers after Rep. Ed Perlmutter, D-Colo., criticized Summers during the meeting.

"He took a minute to stand up for Larry Summers," said Rep. Brad Sherman, D-Calif.

Rep. John Larson, D-Conn., described Obama as being "very adamant in his defense of the service Larry Summers has provided." Summers served as Treasury secretary under President Bill Clinton and as director of the White House National Economic Council during Obama's first term. But some Democrats have raised questions about Summers' role advocating for deregulation during the Clinton administration.

Obama also met with Senate Democrats on Wednesday. Nineteen Democratic members -- as well as one independent -- of the upper chamber signed a July 26 letter to the White House praising Fed Vice Chair Janet Yellen and urging the president to nominate her as Fed chairman.

Senate Majority Leader Harry Reid noted some in his caucus prefer Summers, but said "whoever the president selects, this caucus will be for that person, no matter who it is."

White House spokesman Jay Carney later said that the president felt obligated to defend Summers, who was a key member of the president's economic team.

"Larry Summers' service here was extremely helpful to the president," Carney said.

Obama is weighing candidates to replace Ben Bernanke, whose term as head of the central bank expires Jan. 31, but White House officials have said that the president won't make a final decision on the pick until fall.

Thirty-two economists surveyed by USA TODAY last week said they expect Yellen to succeed Bernanke next year. Four predicted Obama will pick Summers.

Contributing: Susan Davis and David Jackson