WASHINGTON — Lawrence Summers, who was considered the leading candidate to replace current Federal Reserve Chairman Ben Bernanke, has withdrawn his name from consideration, the White House said Sunday.
As director of the National Economic Council, Summers oversaw the administration's response to the economic and financial crisis early in Obama's first term.
Still, Summers faced opposition from some Democrats, including members of the Senate Banking Committee. Summers alluded to the opposition to his candidacy in a letter he sent to Obama Sunday to formally withdraw from consideration.
"I have reluctantly concluded that any possible confirmation process for me would be acrimonious and would not serve the interests of the Federal Reserve, the administration or ultimately, the interests of the nation's ongoing economic recovery," he wrote.
Summers' decision could make current Fed vice chairwoman Janet Yellen, another candidate on Obama's shortlist, the leading candidate to replace Bernanke.
Obama is expected to announce his nomination as early as this month. Bernanke's term ends Jan. 31, 2014.