WASHINGTON — Lawrence “Larry” Summers, a former top aide to U.S. President Barack Obama, has withdrawn his name from consideration to be the Federal Reserve chairman.
Reuters reported that Summers, whose name floated around for months as a successor to Ben Bernanke, withdrew after significant congressional pressure to do so.
Some considered Summers as a shoo-in, along with opinions that he was an above-average economist and policy-maker. But, his past caught up with him with controversial stances and remarks while serving as Harvard University’s president and in other capacities.
The new favorite is Fed Vice Chair Janet Yellen.