Lawrence Summers withdraws name for fed chairmanship
Wall Street Journal: Former U.S. Treasury secretary Lawrence Summers called President Barack Obama Sunday to withdraw from the contest to succeed Ben Bernanke as chairman of the Federal Reserve.
In a letter to the president, Lawrence wrote: “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.”
Photo: Lawrence Summers in 2010. (Molly Riley / Reuters)