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Summers withdraws from race to succeed Bernanke at Fed
Abdul Ahad
15 Sep, 2013
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![](https://i.brecorder.com/images/2013/10/bernanke1.jpg">WASHINGTON: Former US treasury secretary Larry Summers withdrew Sunday from the race to succeed Ben Bernanke as chairman of the Federal Reserve, in a surprise announcement.</P><P>President Barack Obama said in a statement he had accepted Summers' decision to withdraw his name from consideration for the pivotal economic post, in a telephone conversation following weeks of speculation over the appointment.</P><P>Summers had been hotly tipped for the role but his candidature was accompanied by strong criticism of his record in the Bill Clinton era, with his opposition to regulating derivatives -- blamed in part for causing the 2008 financial crisis -- under scrutiny.</P><P>As well as working for then-president Clinton at the Treasury Department between 1999 and 2001, Summers was Obama's chief economic adviser for the first two years of Obama's presidency.</P><P>)