Monday, September 16, 2013

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Summers withdraws from consideration for Fed post:-

Lawrence Summers, the 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,” Summers said in a letter to the president that followed the telephone call.

Summers, widely regarded as a brilliant economist and a shrewd and decisive policy-maker, was considered to be the front-runner for the position to replace Bernanke, whose second term expires in January. However, Summers was dogged by controversies including his support for deregulation in the 1990s and comments he made about women's aptitude while president of Harvard.

The demise of Summers' candidacy is another setback for a president whose second term has been plagued by the defeat of gun control legislation, stalled immigration reform measures, and controversies including leaks about widespread eavesdropping by the National Security Agency.

Summers and Yellen both were viewed as highly qualified for the post. However, financial markets believed that Yellen would be slightly more likely to keep the Fed's easy money policies in place for longer than Summers.

U.S. stock-market futures pointed to a sharply higher open for Monday after former Treasury Secretary Lawrence Summers dropped out of the running for the top Federal Reserve job. Gold also surged as the dollar fell.


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