The following letter was sent by Larry Summers to President Obama, in which he withdrew his name for consideration to be Chairman of the Federal Reserve:
September 15, 2013
President Barack Obama
Washington, DC 20500
Dear Mr. President,
I am writing to withdraw my name for consideration to be Chairman of the Federal Reserve.
It has been a privilege to work with you since the beginning of your Administration as you led the nation
through a severe recession into a sustained economic recovery built on policies to promote employment
and strengthen the middle class.
This is a complex moment in our national life. I have reluctantly concluded that 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 economic recovery.
I look forward to continuing to support your efforts to strengthen our national economy by creating a
broad based prosperity and to reform our financial system so that no President ever again faces what you
and your economic team faced upon taking office in 2009.