Larry Summers has withdrawn his name from consideration as Fed chair.
After months of contentious public debate, Larry Summers has withdrawn his name from consideration to become the next chairman of the Federal Reserve.
President Obama said he spoke with Summers earlier Sunday and accepted his decision.
"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," the president said in a statement.
"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," the president added.