Larry Summers withdraws from consideration for Fed chairman

By Brian Hughes

Published September 15, 2013 4:00am ET

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Larry Summers withdraws from consideration for Fed chairman — Larry Summers, President Obama's former chief economic adviser and Treasury Secretary under President Bill Clinton, was seen by many as the frontrunner to head the Federal Reserve. (AP File) | J. Scott Applewhite

Former Treasury Secretary Larry Summers on Sunday took his name out of the running to be the next chairman of the Federal Reserve.

“This is a complex moment in our national life,” Summers wrote in a letter to President Obama on Sunday. “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.”

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Federal Reserve Finance Fiscal Policy Larry Summers PennAve