Bloomberg: Senator Warren's 'Serious Concerns' About Larry Summers

Senator Elizabeth Warren has told the White House that she won't publicly take a position on Larry Summers as a possible chairman of the Federal Reserve Board, though she privately told administration officials she has "serious concerns" about him as a nominee, according to people familiar with the situation.

Summers's prospects have dimmed over the past week and the Obama administration has come to realize the opposition of a prominent figure such as Warren could deliver a fatal blow, several people said.

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That might be a miscalculation. Yesterday, Senator John Cornyn of Texas, the second-ranking Republican in the Senate, told the Huffington Post that he would oppose a Summers nomination. Although some economists say Yellen would be a little more liberal on regulation and monetary policy, Summers, with his close involvement in Democratic politics and policies over the past two decades, would raise more suspicion among the Republican Party's right wing base.

White House officials privately have predicted Summers would win Senate confirmation because even if a handful of Democrats defected, the nominee would have sufficient Republican supporters, who would be swayed by financial interests that would back Summers.