Summers Withdraws From List Of Potential Fed Leaders

Law360, New York (September 16, 2013, 1:02 PM EDT) -- Former Treasury Secretary Lawrence Summers on Sunday removed his name from consideration to be the next chairman of the Federal Reserve after opposition from Senate Democrats made it clear that he would be unlikely to win confirmation.

Summers' withdrawal opens the door for President Barack Obama to nominate current Fed Vice Chair Janet Yellen, or one of several other rumored candidates, to lead the central bank. Yellen had become the favored candidate for the Fed chairmanship among both women's groups and Democrats in both the Senate...
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