US President Barack Obama would name ex-Treasury Secretary Lawrence Summers as the new chairman of the Federal Reserve Board. This was according to a report from Japan's Nikkei newspaper last Friday.The newspaper cited sources that it did not name and said in its original Japanese version that the US President is in the final stages and moving towards appointing Summers into position. The English language version of the newspaper said the president "is set to" name Summers as early as late next week.

A White House spokesperson said Obama had not made his decision yet about the post at the Federal Reserve.

Current Federal Reserve Chief Ben Bernake would step down from his post in January after his term expires. A debate has sparked in Washington whether the President would choose Summers or Fed Vice Chairperson Janet Yellen.

A report from the New York Times and another from Washington Post earlier this month said  Obama was strongly inclined to select Summers.