Summers drops out of race for Fed chair

lawrence-summers

Larry Summers has pulled his name from the list of contenders to replace Ben Bernanke as the next chairman of the Federal Reserve, after a number of Democratic senators announced they would vote against his confirmation.

In a letter to US President Barack Obama yesterday, Summers said that now is a "complex moment in our national life". Consequently, he "reluctantly concluded" that should he be nominated, the confirmation process would be "acrimonious, and would not best serve the interests of t

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