Just a quickie, via an email alert from Fox Biz:
Former Treasury Secretary Larry Summers has withdrawn his name from consideration as the next Chairman of the Federal Reserve.
UPDATE: CNBC is reporting the same, as is the AP. I'm getting email alerts galore.
According to the Wall Street Journal, Summers notified President Barack Obama on Sunday via phone call, and sent a letter shortly after.
"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," Summers said in the letter.
UPDATE: President Obama's statement in full via an email alert from Politico:
"Earlier today, I spoke with Larry Summers and accepted his decision to withdraw his name from consideration for Chairman of the Federal Reserve. 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. I will always be grateful to Larry for his tireless work and service on behalf of his country, and I look forward to continuing to seek his guidance and counsel in the future."
For more information... http://www.politico.com