Summers Withdraws From Fed Race

Sep 16 2013 | 12:21pm ET

D.E. Shaw Group consultant and former Treasury Secretary Lawrence Summers will not be returning to Washington, D.C.

Tipped as President Barack Obama's favored candidate to succeed Federal Reserve Chairman Ben Bernanke, Summers yesterday withdrew his name from consideration for the post amidst mounting opposition to his nomination on both sides of the aisle. Summers' decision appears to clear the way for Obama to make Fed Vice Chairwoman Janet Yellen the first female head of the U.S. central bank.

Had Obama picked Summers, the latter would have faced a grueling and increasingly difficult confirmation process. A number of senators—both Democrats and Republicans—had pledged to vote against him nomination.

Summers has served as a consultant to D.E. Shaw, as well as to Andreessen Horowitz, Citigroup and Nasdaq OMX Group, since leaving the White House at the end of 2010, following a stint as chairman of the National Economic Council. He served as Treasury Secretary under President Bill Clinton and then as president of Harvard University. Following his resignation from that post amidst an outcry over allegedly sexist statements, he joined D.E. Shaw as a managing director.

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