Federal Reserve Chair Ben Bernanke’s term ends early next year, and President Barack Obama’s rumored top choice to replace him has been economic adviser Larry Summers. Why Obama would want to elevate someone who’s failed at several important jobs is beyond me, particularly when a much more qualified candidate is available in Janet Yellen. She has more experience in the Fed, as well as more support in the U.S. Senate and from economists. Yellen also lacks the huge conflict of interest problems that would have dogged Summers because of his involvement with Citigroup.

Yesterday Summers saved Obama from making a big mistake by formally withdrawing from consideration for the top job at the Fed. I disagree with Jonathan Chait’s claim that Summers “paid” for Obama’s poor record on appointing women to high positions in his administrations. There were plenty of reasons to favor Yellen over Summers for this job. The fact that she would be the first woman to chair the Fed is just a bonus. Kudos to the three Democrats on the U.S. Senate Banking Committee who came out early against Summers, helping to avert what would have been a very bad choice by the president. UPDATE: Apparently five Senate Democrats were ready to vote against Summers in committee: Jeff Merkley of Oregon, Elizabeth Warren of Massachusetts, Sherrod Brown of Ohio, Jon Tester of Montana, and Heidi Heitkamp of North Dakota.