Former University President Lawrence H. Summers speaks at a dinner at Fortune Brainstorm TECH with Walter Isaacson.

Former University president Larry Summers is likely to be nominated as the next Federal Reserve chairman, a source close to the Obama administration told CNBC last week.

With the term of current chair Ben S. Bernanke ’75 drawing to a close, economic pundits and policymakers have spent the summer speculating about Obama’s choice for the next chair, a decision Obama has said he will announce in the fall. Obama’s nominee will face Senate confirmation after being vetted by the White House—a process CNBC’s source said Summers is undergoing now.

Along with the Fed’s vice chair, Janet L. Yellen, Summers is considered a top contender for the spot, though a group of Senate democrats and observers on both sides of the aisle have questioned whether Summers is right for the job, citing his controversial history of leadership and policy-making.

Summers, who served as Harvard’s president from 2001 to 2006, would not be a new face in D.C. Before his tenure as University president, the economics professor worked as Treasury Secretary in Bill Clinton’s administration and in his first term, Obama tapped Summers to lead his team of economic advisers at the National Economic Council. In addition to his teaching commitments and various advisory duties, Summers currently spearheads an economic policy project at the Center for American Progress, a Washington think tank.

Summers’ push for financial deregulation during the Clinton administration and his ties to Wall Street have led many to doubt his judgment on issues of monetary policy as the country makes its way out of the recession.

Summers has also drawn criticism for his leadership style. As University president, Summers came under fire for comments regarding women’s aptitude for science and math as well as a public feud with African American Studies Professor Cornel R. West ’74. Amid tensions with Harvard’s Faculty of Arts and Sciences, Summers resigned, marking the shortest tenure for a Harvard president since the Civil War.

Nonetheless, given his history of working with Obama and reputation as a leading economic thinker, Summers seems to be a frontrunner among the pool of candidates. Obama personally defended Summers last month when news of his candidacy raised the ire of democratic leaders.

Summers has also received support for his appointment from prominent players in the finance world who tout his experience, intellect, and vision.

—Staff writer Nikita Kansra can be reached at nikita.kansra@thecrimson.com. Follow her on Twitter @NikitaKansra.

—Staff writer Samuel Y. Weinstock can be reached at weinstock@thecrimson.com. Follow him on Twitter @syweinstock.