Larry Summers withdraws bid for Fed chairman
Former Treasury Secretary Larry Summers withdrew himself for consideration as a successor to Federal Reserve chairman Ben Bernanke. NBC’s Chuck Todd reports.
Late today news that one of the top candidates to become the next chairman of the Federal Reserve has withdrawn his name. Our chief White House correspondent Chuck Todd has more on this for us. Chuck?
reporter: Well, good evening, Lester. Ben Bernanke, who is currently the Federal Reserve chair, his term runs out at the beginning of the year. At some point in the next several weeks it is expected the president will nominate a replacement for Bernanke, who said he doesn't want a third term. The leading candidate for a long time had been Larry Summers, a former treasury secretary in the Clinton years, but a key economic adviser of the president. But over the last few weeks there has been a concerted campaign against Larry Summers from the president's left, from democrats, a fourth democratic senator in the last 48 hours came out against Larry Summers if he was nominated and in his withdrawaller, Lester. Larry admitted it was going to be a tough confirmation process, which is why he withdrew. Now the leading candidate appears to be Janet Yellin. She is number two at the Federal Reserve there. If she does get nominated, be the first woman to ever hold the post. But two other candidates to keep in mind potentially, Donald Cone, a former number two at the Federal Reserve, and former treasure secretary Tim Geithner, who has always been the president's first choice to be Federal Reserve chair, but Geithner has said no to him multiple times.