In a letter to President Obama this morning, congressional candidate Karen Spilka urged the President to abandon the potential nomination of Larry Summers and instead nominate Janet Yellen.
Karen wrote, “Secretary Summers has benefited from the revolving door between government and Wall Street. Each time he has left government or public service, he has rushed into the arms of the giants of the financial industry. According to the Wall Street Journal, he is currently being paid millions as a consultant for Citibank and the hedge fund D.E. Shaw.”
She added, “As a legislator who for years has stood up to big banks and the insurance industry on Beacon Hill, I know first-hand what happens when there is a cozy relationship between regulators and industry. I’ve won many of those battles, but I have the scars to prove how tough it can be.”
Throughout her career on Beacon Hill, Karen has taken on the powerful special interests, including big banks, insurance companies and the state bureaucracy. She fought to pass Jenny’s Law which prohibits insurance companies from using technicalities to squirm out of their obligations. If elected to Congress, Karen Spilka will always put the people of Massachusetts first, no matter who she needs to stand up to.
Karen joins Senator Warren in supporting the nomination of Janet Yellen, who would be the first woman to chair the Federal Reserve. Said Karen to the President, "It is time the Federal Reserve is run by a Chairperson, not another Chairman."
The full letter can be read here.