Summers withdraws from consideration for Fed chairmanship

Lawrence Summers, a former U.S. Treasury secretary and an adviser to President Barack Obama during the financial crisis, has withdrawn from consideration to be chairman of the Federal Reserve. He wrote in a letter to Obama that if nominated, he expects the confirmation process "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." Other candidates Obama is considering to replace Chairman Ben Bernanke include Janet Yellen, the central bank's vice chairwoman, and Don Kohn, a former vice chairman.

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