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Sep 15, 2013 5:51 PM by Associated Press

Summers withdraws name from Fed consideration

WASHINGTON (AP) - President Barack Obama says he has accepted Lawrence Summers' decision to withdraw from consideration for the role of Chairman of the Federal Reserve.

Obama says Summers was a critical member of his economic team and says he is grateful for his service on behalf of the country.

Summers was the leading candidate to replace current Fed Chairman Ben Bernanke but faced opposition from some Democrats.

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