In Iowa while campaigning in 2007, then-Senator Barack Obama refused to comment when asked about the Federal Reserve, citing the institution's independence.
President Obama may be wishing he'd heeded that advice.
Since the president in an interview with Charlie Rose June 16 indicated he wouldn't reappoint Federal Reserve Chairman Ben Bernanke, intrigue over his successor has grown to a level where Fed experts and former administration officials are concerned that the selection process is so political it could have long-lasting ramifications for the markets, the eventual nominee's confirmation hearings and the Fed as an institution.