• Summers Withdraws Name from Consideration for Federal Reserve
  • September 25, 2013
  • Law Firm: McDonald Hopkins LLC - Cleveland Office
  • Former Obama economic adviser Larry Summers was considered the front-runner to replace Ben Bernanke as the Chair of the Federal Reserve. This past week, however, after coming under fire for comments he made about women and with his "temperament" being called into question, Summers withdrew his name from consideration.

    The controversy around Summers had led many to believe there was not sufficient support for him to be confirmed by the Senate. Indeed, a potential Summers nomination had already drawn both Democratic and Republican opposition on the Senate Banking Committee.

    Summers' withdrawal could pave the way for Federal Reserve Vice Chair Janet Yellen to become the Federal Reserve's first female chair. Yellen, if nominated, would likely have a fairly easy path to confirmation.