WSJ: Former U.S. Secretary Lawrance Summers Withdraws Name for Federal Reserve Chairman Position

According to the Wall Street Journal, former U.S. Treasury Secretary Lawrence Summers has withdrawn his name from consideration as Federal Reserve chairman and has called President Obama on the matter, citing an expected “acrimonious” coming confirmation battle.

The White House disputed a Japanese newspaper’s report that Summers will be named the next chairman of the Federal Reserve by President Obama, according to USA Today.

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The Nikkei newspaper, which did not publicly name its sourcing for its story, said Obama was “set to” name Summers to the position, possibly as early as next week.

White House spokeswoman Amy Brundage said in a tweet Friday that “the latest rumors this morning in the Japanese press aren’t true” and that Obama “has not yet made a decision on Fed Chair.”

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