The original content of Democracy Now! Headlines appears under the Creative
Commons BY-NC-ND 3.0 License (United States). For more, including their other
shows and media, visit www.democracynow.org.
September 16, 2013

Larry Summers Withdraws from Consideration for Federal Reserve Post 
--------------------------------------------------------------------


 
Larry Summers has withdrawn his name from consideration to succeed Ben
Bernanke as the next chair of the Federal Reserve. Summers, a former
economic advisor to President Obama and treasury secretary under
President Bill Clinton, was seen as the lead contender for the post, but
several key Democrats had voiced opposition to the prospect of his
nomination. Summers drew criticism over his role in pushing deregulatory
policies that helped cause the financial crisis and for his suggestion
while president of Harvard University that women have less innate
scientific ability than men. In a letter to Obama Sunday, Summers wrote:
"I have reluctantly concluded that any possible confirmation process for
me would be acrimonious." Speculation now shifts to other top
candidates, including Federal Reserve Vice Chair Janet Yellen.

 

.