Summers withdraws from consideration for Fed chief

By JULIE PACEMARTIN CRUTSINGER

Published September 16, 2013 4:02am ET

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Summers withdraws from consideration for Fed chief — File- This Dec. 17, 2010 file photo shows Director of the National Economic Council Lawrence Summers arriving for the tax cut extension bill during a ceremony at the Eisenhower Executive Office Building in the White House complex in Washington. 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. (AP Photo/J. Scott Applewhite, File) | J. Scott Applewhite

WASHINGTON (AP) — For weeks, Lawrence Summers had been considered the leading candidate to succeed Ben Bernanke as Federal Reserve chairman.

A renowned economist, Summers built close ties to President Barack Obama when he led the president’s National Economic Council in 2009 and 2010. In that role, he helped orchestrate the administration’s efforts to combat the financial crisis and the Great Recession.

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