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Larry Summers withdraws from consideration as Bernanke’s successor at Fed

By Dave Boyer Sunday, September 15, 2013

Facing opposition from women’s groups and key Democratic senators, former Treasury Secretary Lawrence H. Summers withdrew Sunday from consideration as the next chairman of the Federal Reserve.

Mr. Summers, a key architect of the Obama administration’s economic stimulus plan in 2009, informed President Obama of his decision in a phone call Sunday morning. Mr. Obama said in a statement that he accepted the decision.

Mr. Obama said said he “will always be grateful to Larry for his tireless work and service on behalf of his country, and I look forward to continuing to seek his guidance and counsel in the future.”

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