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The Boston Globe

Politics

Lawrence Summers won’t seek Fed post

Harvard professor asks not to be considered for chief as opposition mounts over style, record

WASHINGTON — Lawrence H. Summers, one of President Obama’s most trusted economic advisers during his first term, on Sunday withdrew his name from consideration as the next chairman of the Federal Reserve, bowing to criticism from Democratic senators who vowed to fight his nomination.

Summers, a former Harvard University president, a treasury secretary in the Clinton administration, and a former director of the National Economic Council under Obama, had been considered a front-runner for the job for months. But as rumors of his potential appointment grew stronger, opposition — centered on Summers’ sometimes brusque demeanor and his role in deregulating markets — intensified.

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