"Lawrence Summers' withdrawal as a candidate for Federal Reserve Chairman came after an unprecedented campaign to stop a Fed nominee even before he was announced, spearheaded by Democratic senators who took on a president of their own party.
The decision by Summers, the former Treasury secretary and economic adviser to President Barack Obama, came as Democrats on the Senate Banking Committee began publicly and privately signaling their concerns about Summers to the White House.
Several Democratic senators were pressing colleagues in their own party to oppose Summers on the grounds that he was too lax on financial regulation". They pressed forward as the White House was focused on building support for a military strike in Syria.
The decision by Summers, the former Treasury secretary and economic adviser to President Barack Obama, came as Democrats on the Senate Banking Committee began publicly and privately signaling their concerns about Summers to the White House.
Several Democratic senators were pressing colleagues in their own party to oppose Summers on the grounds that he was too lax on financial regulation". They pressed forward as the White House was focused on building support for a military strike in Syria.
“Any possible confirmation process for me would be acrimonious and would not serve the interests of the Federal Reserve, the administration, or ultimately, the interests of the nation’s ongoing recovery.” Summers wrote in a letter yesterday to Obama.
"Of the two perceived leading candidates for the Fed chairmanship, Summers was widely regarded as more eager to taper the Fed's $85 million a month bond-buying program. Janet Yellen, the Fed's current vice chair and the other candidate seen as a leading contender, has been more widely perceived by investors as favoring a more gradual easing of stimulus.
US stock futures rose on Monday as investors bet that the exit of Mr Summers as a candidate for Fed Chairman, would mean a more gradual easing of monetary stimulus"
Source: Bloomberg, Reuters