Summers Withdraws From Consideration for Fed Chairmanship
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Former Treasury Secretary Lawrence Summers withdrew from consideration to be chairman of the Federal Reserve, averting a confirmation battle that divided Democrats on one of President Barack Obama’s most important decisions.
“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 recovery.” Summers wrote in a letter dated today to President Barack Obama.