Former Treasury SecretaryLawrence Summers has withdrawn his name from consideration to be chairman of the Federal Reserve, saying it would hurt the nation for him to go forward with what would be a contentious confirmation before the U.S. Senate.
“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 recovery.” Summers wrote in a letter dated today to President Barack Obama.
Obama said in a statement that he accepted Summers’ decision and praised his former economic adviser.
“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,” Obama said, saying he would “always be grateful to Larry.”
The dollar fell in early trading in Asia. It was down 0.6 percent to 98.75 yen in Japan, the lowest since Sept. 6, and weakened 1.1 percent versus the New Zealand dollar, to 82.24 U.S. cents. It fell 1 percent to 93.40 U.S. cents versus the Australian dollar.
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