It seems Larry Summers has withdrawn his candidature for the post of Chairman of the Fed Reserve. Surprising bit of news this, considering that it was only as recently as Friday that it almost seemed certain that Obama would name him for the job.
BBC has this http://www.bbc.co.uk/news/business-24103970
Summers served as the Treasury Secretary in the Clinton administration. He supported de – regulation urging the administration to repeal the Glass-Stegall Act (a legislation that essentially separated commercial and investment banking) as also resisted regulation of derivatives. Both of these had a role in the global financial crises of 2008.
Considering yesterday (15th September, 2013) was the 5th anniversary of the collapse of Lehman, it was only fitting that he withdrew his candidature which will pave the way for Janet Yellen.