Larry Summers withdraws name from Federal Reserve consideration
September 16, 2013 -- Updated 1047 GMT (1847 HKT)
Washington (CNN) -- Lawrence Summers has withdrawn his name from consideration as chairman of the Federal Reserve, according to a statement released Sunday by the White House.
"Earlier today, I spoke with Larry Summers and accepted his decision to withdraw his name from consideration for Chairman of the Federal Reserve," President Barack Obama said in the statement. "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."
No reason was given for the withdrawal by Summers, who was oft-discussed as the president's preferred choice to succeed Ben Bernanke.
CNN's Gloria Borger contributed to this report
Part of complete coverage on
March 3, 2014 -- Updated 1033 GMT (1833 HKT)
Mobile World Congress spans the full spectrum of untethered gadgetry Explore this year's top trends with Stuff Magazine Editor Will Findlater.
February 28, 2014 -- Updated 1623 GMT (0023 HKT)
Cocoa-nomics: Why chocolate really doesn't grow on trees. CNN returns to Africa's cocoa plantations to examine the fight against child labor.
February 27, 2014 -- Updated 1958 GMT (0358 HKT)
CNN's Maggie Lake speaks to Lego CEO Jørgen Vig Knudstorp about why Lego continues to be a hugely popular toy.
February 27, 2014 -- Updated 2032 GMT (0432 HKT)
A Japanese rocket roared into orbit carrying what NASA calls its most precise instrument yet for measuring rain and snowfall.
February 28, 2014 -- Updated 2003 GMT (0403 HKT)
When you hail yourself as a "passionate advocate" for job-seekers, you probably ought not blast one of those job-seekers in a snide e-mail.
February 26, 2014 -- Updated 2201 GMT (0601 HKT)
Love that chocolate Haagen-Dazs ice-cream? But what about the way its makers treat their farmers? Oxfam reveals the ethics behind the brands.
February 20, 2014 -- Updated 1121 GMT (1921 HKT)
SnapScan is an award-winning app allowing buyers to pay with their smartphone -- no need to worry about carrying cash or lost credit cards.
February 18, 2014 -- Updated 1452 GMT (2252 HKT)
In the wake of recent credit card breaches, CNN's Richard Quest explores the threats of the non-cash economy. Is your money as safe as you think?
February 19, 2014 -- Updated 0833 GMT (1633 HKT)
Like many companies in China, Fu Shou Yuan uses celebrities to attract clients. Except, in this case, they're dead. They're in the funeral business.
February 19, 2014 -- Updated 1255 GMT (2055 HKT)
Coca-Cola is staying afloat as the soda market shrinks, and many point to a marketing strategy around the so-called "secret recipe."
Today's five most popular stories