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Larry Summers, facing tough Senate fight, bows out of race for Fed chief appointment

Lawrence H. Summers was seen as a front-runner for the job for months.
Lawrence H. Summers was seen as a front-runner for the job for months.

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Lawrence H. Summers, one of President Obama’s most trusted economic advisers during his first term, on Sunday withdrew his name from consideration as the next chairman of the Federal Reserve, bowing to criticism from Democratic US senators who vowed to fight his nomination.

Summers, a former Harvard University president and treasury secretary in the Clinton administration, had been considered a front-runner for the job for months. But as rumors of his potential appointment grew stronger, opposition intensified.

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