Former Treasury Secretary Larry Summers has withdrawn his bid for consideration as Federal Reserve chair, citing the prospect of a contentious confirmation, NBC News reported. "I have reluctantly concluded that any possible confirmation process for me would be acrimonious and would not serve the interest of the Federal Reserve, the Administration or, ultimately, the interests of the nation's ongoing economic recovery," Summers said in a letter to President Obama. Obama accepted Summers' decision, calling him a "critical member of my team" whose leadership was critical to tackling the financial crisis. Summers emerged as a lead contender for the job as Fed chief but his history as a consultant to large financial institutions including Citigroup and past support for deregulation of derivatives fueled debate among critics and lawmakers about his suitability for the top Fed job, Reuters reported.
