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Obama accepts Summers' withdrawal from Fed chair consideration

Lawrence H. Summers, ex-Director of the White House's National Economic Council, gives a speech during a business forum "The United States,
Lawrence H. Summers, ex-Director of the White House's National Economic Council, gives a speech during a business forum "The United States,

WASHINGTON (Reuters) - President Barack Obama said on Sunday he has accepted the decision of his former top economic aide Lawrence Summers to withdraw from consideration as chairman of the Federal Reserve.

"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," he said.

(Reporting by Mark Felsenthal; editing by Jackie Frank)

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