Published time: September 15, 2013 21:27
US National Economic Council (NEC) Director Lawrence H. Summers (AFP Photo)
President Obama has accepted the decision of the Former US Treasury Secretary Larry Summers to withdraw his name from consideration for the position of Federal Reserve chairman.
Summers called the US President on Sunday to notify him that he
will not be running for Federal Reserve race, the Wall Street
Journal reports. A letter was also sent to the
Administration.
“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 was quoted by the publication.
President Obama said he has accepted Summers’ withdrawal,
“earlier today, I spoke with Larry Summers and accepted his
decision to withdraw his name from consideration for Chairman of
the Federal Reserve.”
Praising Summers’ efforts in restoring the US economy following
the 2009 financial meltdown the President added, “Larry was a
critical member of my team as we faced down the worst economic
crisis since the Great Depression, and it was in no small part
because of his expertise, wisdom, and leadership that we wrestled
the economy back to growth and made the kind of progress we are
seeing today.”
Summers and Federal Vice Chair Janet Yellen were the frontrunners
for Ben Bernanke’s job.
Copyright: RT