Summers Withdraws from Race to Lead Federal Reserve

The Takeaway

It’s the nearly the start of fall, and the end of Summers–Larry Summers that is, President Barack Obama’s pick to lead the Federal Reserve.
Larry Summers announced he was withdrawing his name from consideration after weeks of heavy opposition by Republicans and three Democrats on the Senate Banking Committee.
And with current Fed Chairman Ben Bernanke due to step down, his successor will take on the job of continuing to get the country’s finances back on track and figuring out to how reign in the too big to fail financial industry.
With Summers out, other names being discussed include Janet Yellen, the current Vice Chairman of the Fed, or Timothy Geithner, former Treasury Secretary. The White House is said to be unexcited by Yellen, and Geithner has said he’s unexcited by the job.
Charlie Herman, Business and economics editor for WNYC Radio, and Todd Zwillich, Takeaway Washington Correspondent join The Takeaway.

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