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Comments
Reuters) – Lawrence Summers, a former top aide to President Barack Obama and Treasury secretary under President Bill Clinton, withdrew on Sunday from consideration to succeed Federal Reserve Chairman Ben Bernanke, after liberal pressure soured his confirmation prospects.
“Earlier today, I spoke with Larry Summers and accepted his decision to withdraw his name from consideration for chairman of the Federal Reserve,” Obama said in a statement.
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
Just another day in insanityville.