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Cashing out: Hounded by criticism, Larry Summers calls off Fed chairman bid

Posted By admin On September 16, 2013 @ 4:43 am In Money Watch | Comments Disabled

Daniel Arkin
NBC News [1]
September 16, 2013

Former U.S. Treasury Secretary Larry Summers has withdrawn his bid for consideration to succeed Ben Bernanke as Federal Reserve chairman — a move that allows the administration to sidestep a potentially contentious confirmation process.

“I have reluctantly concluded that any possible confirmation process for me 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,” Summers said in a letter to President Obama.

Full article here [1]

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[1] NBC News: http://usnews.nbcnews.com/_news/2013/09/15/20509458-cashing-out-hounded-by-criticism-larry-summers-calls-off-fed-chairman-bid?lite

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