Summers drops out of race for Fed chair


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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