WASHINGTON — Lawrence Summers, who was considered the leading candidate to replace current Federal Reserve Chairman Ben Bernanke, has withdrawn his name from consideration, the White House said Sunday.
In a statement, President Barack Obama said he had accepted Summers’ decision.
As director of the National Economic Council, Summers oversaw the administration’s response to the economic and financial crisis early in Obama’s first term. Still, Summers faced opposition from some Democrats. He alluded to the opposition in a letter he sent to Obama on Sunday to withdraw from consideration.
“I have reluctantly concluded that any possible confirmation process for me would be acrimonious and would not serve the interests of the Federal Reserve, the administration or ultimately, the interests of the nation’s ongoing economic recovery,” he wrote.
Current Fed Vice Chairwoman Janet Yellen could now be the leading candidate to replace Bernanke. The Associated Press
