Lawrence Summers (AP/J. Scott Applewhite)
Summers withdraws name from Fed chair consideration
The former Treasury Secretary had faced mounting opposition over Wall Street ties
September 16, 2013 12:59AM (UTC)
WASHINGTON (AP) -- President Barack Obama says he has accepted Lawrence Summers' decision to withdraw from consideration for the role of Chairman of the Federal Reserve.
Obama says Summers was a critical member of his economic team and says he is grateful for his service on behalf of the country.
Summers was the leading candidate to replace current Fed Chairman Ben Bernanke but faced opposition from some Democrats.