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Larry Summers Withdraws from Consideration for Federal Reserve Post

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LarrySummersFormer Treasury Secretary Lawrence Summers has withdrawn his name from consideration as the next Federal Reserve chairman because of opposition from liberal groups, Reuters reported Sunday.

Mark Felsenthal writes President Barack Obama said in a statement Sunday that he has accepted Summers’ withdrawal.

Summers helped the U.S. government respond to the 2007-2009 financial crisis as a White House economic adviser.

He drew criticism for his push to deregulate financial markets and remarks about the shortage of female workers in science and engineering fields, according to the report.

“I have reluctantly concluded that any possible confirmation process for me would be acrimonious and would not serve the interests of the Federal Reserve, the administration, or ultimately, the interests of the nation’s ongoing economic recovery,” Summers told the President in a letter obtained by Reuters.

Sen. Jon Tester, D-Mont., and three other members of the Senate banking committee planned to vote against Summers if he were nominated, according to the report.

Leaders of the Progressive Change Campaign Committee and the National Organization for Women also voiced their concerns over Summers’ potential nomination, Felsenthal writes.

Ben Bernanke is expected to leave the Federal Reserve chairmanship when his term expires in January.

A group of 20 Democratic lawmakers urged the President to nominate Fed Vice Chairman Janet Yellen for the post, Reuters reports.

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