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Summers withdraws name for Fed chair

By Muckety

September 15, 2013 at 4:06pm

Larry Summers has withdrawn his name from consideration as chairman of the Federal Reserve.

In a letter Sunday to President Obama, the former National Economic Council chairman said he had “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.”

Public debate over Summer’s possible nomination has been heated, with many of his opponents instead supporting the promotion of current Fed Vice Chair Janet Yellen.

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