U.S. President Barack Obama has accepted Lawrence Summers’ surprise decision to withdraw from consideration as the next chairman of the Federal Reserve, the Associated Press reported Sunday.
Obama expressed gratitude to Summers for his service on behalf of the country while a key member of his economic team during his administration’s early days, AP said.
Summers had been the leading candidate to replace current Fed Chairman Ben S. Bernanke.
Lawrence Summers Won’t Be The Next Chairman Of The US Federal Reserve, President Barack Obama Says
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