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| Larry Summers pulls out of US Federal Reserve race | Larry Summers pulls out of US Federal Reserve race |
| (35 minutes later) | |
| Former US Treasury Secretary Larry Summers has withdrawn his candidacy to succeed Ben Bernanke as head of the US central bank, the Federal Reserve. | Former US Treasury Secretary Larry Summers has withdrawn his candidacy to succeed Ben Bernanke as head of the US central bank, the Federal Reserve. |
| In a letter to President Barack Obama, quoted by the Wall Street Journal, Mr Summers said any confirmation process for him was likely to be "acrimonious". | In a letter to President Barack Obama, quoted by the Wall Street Journal, Mr Summers said any confirmation process for him was likely to be "acrimonious". |
| Mr Summers was one of the front-runners for the post, along with current Fed vice-chairman Janet Yellen. | Mr Summers was one of the front-runners for the post, along with current Fed vice-chairman Janet Yellen. |
| Mr Obama said he had accepted Mr Summers' decision. | Mr Obama said he had accepted Mr Summers' decision. |
| The president said in a statement: "Larry was a critical member of my team as we faced down the worst economic crisis since the Great Depression, and it was in no small part because of his expertise, wisdom, and leadership that we wrestled the economy back to growth and made the kind of progress we are seeing today." | The president said in a statement: "Larry was a critical member of my team as we faced down the worst economic crisis since the Great Depression, and it was in no small part because of his expertise, wisdom, and leadership that we wrestled the economy back to growth and made the kind of progress we are seeing today." |
| Mr Obama added that he would always be grateful to Mr Summers for his "tireless work and service on behalf of his country" and looked forward to continuing to seek his guidance and counsel in the future. | |
| Mr Summers was Treasury secretary during the Clinton administration from 1999 to 2001 after spending four years as deputy. Before that, he was chief economist of the World Bank from 1991 to 1993. | |
| He served President Obama as director of the National Economic Council in 2009 and 2010. | |
| Mr Bernanke's term as Fed chief is due to expire at the end of January next year. If Ms Yellen is chosen to succeed him, she will be the first woman to hold the post. |