The move could possibly open the door for his chief rival, Janet Yellen, currently the Federal Reserve's vice chair.
Fed Vice Chair Janet Yellen, left, could be chosen by President Barack Obama as the next Federal Reserve chair now that former Treasury Secretary Lawrence Summers has withdrawn his name from consideration.
Lawrence Summers, who was considered the leading candidate to succeed Ben Bernanke as Federal Reserve chairman, has withdrawn from consideration, the White House said Sunday.
Summers’ withdrawal followed growing resistance from critics, including some members of the Senate committee that would need to back his nomination. His exit could open the door for his chief rival, Janet Yellen, the Fed’s vice chair. If chosen by President Barack Obama and confirmed by the Senate, Yellen would become the first woman to lead the Fed.
In the past, Obama has mentioned only one other candidate as possibly being under consideration: Donald Kohn, a former Fed vice chair. But Kohn, 70, has been considered a long shot.
The administration also reached out to former Treasury Secretary Timothy Geithner early in the process. Geithner said he was not interested in being considered.
Obama is expected to announce a nominee for the Fed chairmanship as early as this month. Bernanke’s term ends Jan. 31, 2014.