Summers withdraws from Fed consideration

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Lawrence Summers, a former U.S. Treasury secretary, called President Barack Obama Sunday to say he is pulling out of the contest to succeed Ben Bernanke as chairman of the Federal Reserve, the Wall Street Journal reports.

Summers, who was chairman of Mr. Obama’s National Economic Council early in his presidency, had been widely believed to be the president’s first choice for the Fed job, but opposition from liberals and women’s groups—and, importantly, from some Senate Banking Committee Democrats—has been mounting.

Peter Schorsch is the President of Extensive Enterprises and is the publisher of some of Florida’s most influential new media websites, including SaintPetersBlog.com, FloridaPolitics.com, ContextFlorida.com, and Sunburn, the morning read of what’s hot in Florida politics. SaintPetersBlog has for three years running been ranked by the Washington Post as the best state-based blog in Florida. In addition to his publishing efforts, Peter is a political consultant to several of the state’s largest governmental affairs and public relations firms. Peter lives in St. Petersburg with his wife, Michelle, and their daughter, Ella.