Summers Pulls Out of Fed Race
Larry Summers pulls name out of consideration for Fed Chairman
By Ruth Brown, Newser Staff
Posted Sep 15, 2013 4:22 PM CDT
Former Treasury Secretary Lawrence Summers.   (AP Photo/Manuel Balce Ceneta)

(Newser) – Larry Summers has withdrawn his name from the contest to replace Ben Bernanke as chairman of the Federal Reserve, reports the Wall Street Journal. "I have reluctantly concluded that any possible confirmation process for me would be acrimonious and would not serve the interest of the Federal Reserve, the Administration or, ultimately, the interests of the nation's ongoing economic recovery," he wrote in a letter to President Obama.

Obama has accepted his decision, describing the former Treasury secretary as "a critical member of my team as we faced down the worst economic crisis since the Great Depression." Despite mounting opposition from liberals and women's groups, Summers was generally considered Obama's top prospect. The most likely candidates for the job now look to be Fed vice chairwoman Janet Yellen, former vice chairman Donald Kohn, and former Treasury Secretary Timothy Geithner, the Journal reports.

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Showing 3 of 28 comments
bubbahotep
Sep 16, 2013 1:30 PM CDT
Boy, does he ever look like one more rich, bloated white man.
No-Left-Turn
Sep 16, 2013 10:41 AM CDT
Interesting that Obama wanted to appoint a person intimately involved as the architect of the 2007-2009 market crash, and a total Wall-streeter. Also interesting how you liberal nimrods always blame Republicans for problems that were somewhat caused by changes made during the Clinton administration. Some day you may get smart enough to realize that both parties suck. http://finance.yahoo.com/blogs/daily-ticker/larry-summers-obama-mishandled-fed-nominating-process-says-140814053.html
Winston_Smith
Sep 15, 2013 11:23 PM CDT
Geithner has said repeatedly that he does not want the job, and reiterated that position a few minutes ago.