Former Treasury Secretary Lawrence Summers called President Obama to say he is pulling out of the contest to succeed Ben Bernanke as chairman of the Federal Reserve, the Wall Street Journal reports.
Said Summers: “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.”
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Eight moments in political history. Put them on a timeline.
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Do you have your finger on the pulse of America?
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Four questions a day.
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