LONDON - MARCH 25: Lawrence H. 'Larry' Summers, former U.S. Treasury speaks during a financial and economic event at the London School of Economics (LSE) on March 25, 2013 in London, England. The European Union's decision to recapitalize Cypriot banks by inflicting losses on depositors and senior bondholders is triggering investor concern about the knock-on effects for bank funding across the region. (Photo by Jason Alden - WPA Pool/Getty Images)
WASHINGTON (AP) - President Barack Obama says he has accepted Lawrence Summers' decision to withdraw from consideration for the role of Chairman of the Federal Reserve.
Obama says Summers was a critical member of his economic team and says he is grateful for his service on behalf of the country.
Summers was the leading candidate to replace current Fed Chairman Ben Bernanke but faced opposition from some Democrats.
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