BREAKING: Larry Summers Withdraws Name for Fed Chief

Former White House economic adviser and Treasury secretary Lawrence H. Summers has withdrawn his name as a candidate for Federal Reserve chairman.

“Larry was a critical member of my team as we faced down the worst economic crisis since the Great Depression, and it was in no small part because of his expertise, wisdom, and leadership that we wrestled the economy back to growth and made the kind of progress we are seeing today,” President Obama said in a statement today. “I 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.”