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Summers withdraws name for Fed chair
WASHINGTON, D.C. (NEWSCHANNEL 3) - Larry Summers has withdrawn his name from consideration to be the next Chairman of the Federal Reserve.
President Obama said he spoke with the former Treasury Secretary Sunday and accepted his decision.
Current Fed Chairman Ben Bernanke's term is set to end in January.
With Summers out, many consider the new favorite to be Janet Yellen, the current Vice Chair of the Fed.
The president's appointment then goes to the Senate for confirmation.