Summers withdraws from race to succeed Bernanke at Fed
WASHINGTON (AFP) - Former US treasury secretary Larry Summers withdrew Sunday from the race to succeed Ben Bernanke as chairman of the Federal Reserve, in a surprise announcement.
President Barack Obama said in a statement he had accepted Mr Summers' decision to withdraw his name from consideration for the pivotal economic post, in a telephone conversation following weeks of speculation over the appointment.
Mr Summers had been hotly tipped for the role but his candidature was accompanied by strong criticism of his record in the Bill Clinton era, with his opposition to regulating derivatives - blamed in part for causing the 2008 financial crisis - under scrutiny.
As well as working for then-president Clinton at the Treasury Department between 1999 and 2001, Mr Summers was Mr Obama's chief economic adviser for the first two years of Mr Obama's presidency.