Former Treasury Secretary Larry Summers, one of President Barack Obama’s two primary candidates to replace Ben Bernanke as Chairman of the Federal Reserve, withdrew his name from contention on Sunday night, after significant resistance from Congressional Democrats.*
Summers was a key part of Obama’s financial team following the 2008 economic collapse. However, his role in the financial deregulation of the late 90s soured him with many progressives, most of whom prefer Janet Yellen, the current Vice Chairwoman of the Board of Governors of the Federal Reserve System. Summers has also developed a reputation as a difficult person to work with, including during his time as president of Harvard University.
With Summers out of the running, Yellen is the expected frontrunner for the position, though some other candidates, including former Treasury Secretary Tim Geithner, have not been ruled out.
Read his withdrawal letter here, via the Wall Street Journal:
* And Bette Midler.
[Image via U.S. News]
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