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.

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