Summers Withdraws Name for Fed Chairmanship




Former Treasury Secretary Calls Obama, Cites 'Acrimonious' Coming Confirmation

WASHINGTON— Lawrence Summers, a former U.S. Treasury secretary, called President Barack Obama Sunday to say he is pulling out of the contest to succeed Ben Bernanke as chairman of the Federal Reserve.

"I have reluctantly concluded that any possible confirmation process for me would be acrimonious and would not serve the interest of the Federal Reserve, the Administration or, ultimately, the interests of the nation's ongoing economic recovery," Mr. Summers said in a letter to the president that followed the telephone call.

The move forces Mr. Obama to look to other potential candidates for the Fed job including Janet Yellen, the Fed's vice chairwoman; Donald Kohn, a former vice chairman; and former Treasury Secretary Timothy Geithner. Mr. Obama has said that he interviewed the first two. Mr. Geithner has said he isn't interested.


http://online.wsj.com/article/SB10001424...=WSJ_hp_LEADNew

Too bad. He was the better of the two Socialists being mentioned for this post.

It has nothing to do with the GOP holding pounding on him during confirmation as he implied...the anti-Summers crowd is on the left and they are the same ones who mounted a very vigourous campaign to block his nomination to the World Bank last year

Quote: Eglman wrote in post #3

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It has nothing to do with the GOP holding pounding on him during confirmation as he implied...the anti-Summers crowd is on the left and they are the same ones who mounted a very vigourous campaign to block his nomination to the World Bank last year

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Quote: Frank Cannon wrote in post #4

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Quote: Eglman wrote in post #3

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It has nothing to do with the GOP holding pounding on him during confirmation as he implied...the anti-Summers crowd is on the left and they are the same ones who mounted a very vigourous campaign to block his nomination to the World Bank last year

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The Left has been salivating for Janet Yellen for this gig. That is why this guy was getting static from his own peeps. He isn't a big enough Commie.

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Quote: Eglman wrote in post #3

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It has nothing to do with the GOP holding pounding on him during confirmation as he implied...the anti-Summers crowd is on the left and they are the same ones who mounted a very vigourous campaign to block his nomination to the World Bank last year

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