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Summers withdraws his name for Fed chair

Former U.S. Treasury Secretary Larry Summers has withdrawn his name for consideration to succeed Ben Bernanke as Federal Reserve chairman, according to a senior administration official.

Summers called the President Obama on Sunday to notify him, according to Dow Jones Newswires, which first reported the news.

"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," Mr. Summers is quoted as saying in a letter to the president following the call.

Summers and Fed Vice Chair Janet Yellen were thought to be the top two contenders for the job and it was widely speculated that Summers was Obama's top choice.

This story is developing. Please check back for further updates.

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