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)

Lawrence Summers withdraws name for fed chairmanship

Wall Street JournalFormer 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)

Notes

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    Thank you!
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  11. kevindrakewriter reblogged this from breakingnews and added:
    That’s a big deal. He was Obama’s first choice for the Fed. This paves the way for Janette Yellen to be the next Fed...
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  16. chirodoc4me reblogged this from breakingnews and added:
    Lawrence Summers withdraws name for fed chairmanship Wall Street Journal: Former U.S. Treasury secretary Lawrence...
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  19. storpsmop reblogged this from breakingnews and added:
    Twist!
  20. hangoverpolitics reblogged this from breakingnews and added:
    This is Larry Summers’ reaction to the nomination of Janet Yellen as Fed Chairman:
  21. theredandwhitequeen reblogged this from breakingnews