Washington • Lawrence Summers, who was considered the leading candidate to succeed Ben Bernanke as Federal Reserve chairman, has withdrawn from consideration, the White House said Sunday.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 follows growing resistance from critics, including some members of the Senate committee that would need to approve his nomination. His exit could open the door for his leading rival for the post, Janet Yellen, the Fed's vice chairwoman. If chosen by President Barack Obama and confirmed by the Senate, Yellen would become the first woman to lead the Fed.
In a statement, Obama said he had accepted Summers' decision.