Monday, September 16, 2013
Summers Drops Out Of Fed Race
WASHINGTON (Nikkei)--Lawrence Summers has pulled out of the running as U.S. President Barack Obama looks for a successor to Federal Reserve Chairman Ben Bernanke, who leaves office in January.
- Lawrence Summers
Late last week, The Nikkei received word from an Obama administration source that Summers would be the man. However, since that news hit, a political backlash against the appointment has erupted, one that includes influential Democratic senators.
Summers sent a letter to the president Sunday. "I have reluctantly concluded that 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 economic recovery," he wrote. After Summers' withdrawal, Obama will now reconsider his options.
(The Nikkei, Sept. 16 online edition)