Bernanke, Summers, or Yellen? None of the Above?

Should Ben Bernanke be reappointed as Fed chair?:

Bernanke Set to Defend Record as Reappointment Debate Begins, by Scott Lanman, Bloomberg: Federal Reserve Chairman Ben S. Bernanke will defend his unprecedented actions to prevent a financial collapse as debate on whether he should be reappointed begins. Bernanke, whose term expires Jan. 31, faces lawmakers at a hearing this week...

President Barack Obama has said the Fed chief has done an “extraordinary job” without committing to reappoint him. ...

At stake is whether Bernanke ... pilots the Fed into an expanded financial-supervision role after overseeing the most aggressive use of the Fed’s powers since the Great Depression. ...

Bernanke has helped thaw credit markets and put the economy on a path toward recovery. Odds favor the former Princeton University economist, a Republican: Reappointment may be less disruptive to investors, and no first-term president has replaced a sitting chairman in 30 years. Many on Wall Street and in Washington view it as likely Bernanke will be reappointed.

“There’s a very strong case for reappointment,” said Douglas Lee... “Removing a Fed chairman who is generally perceived to have done an outstanding job would be an enormous problem.” ...

Still, any Obama decision may be half a year away, and the economy and financial markets could shift again. ...

Besides keeping Bernanke, Obama’s options include appointing Summers or Janet Yellen...

Summers ... is considered the front-runner should the president want a change. San Francisco Fed President Yellen ... was previously a Fed governor and chairman of the Council of Economic Advisers and would be the first female Fed chief.

Summers wants the job...

House Financial Services Committee Chairman Barney Frank said he’s “very pleased” with Bernanke. “Beyond that I wouldn’t say” anything about a renomination...

I'd reappoint him. If forced to choose between Yellen and Summers, I'd choose Yellen.