Frontrunner to replace Fed's Bernanke pulls out of race

Former US Treasury Secretary Larry Summers has withdrawn his candidacy to succeed Ben Bernanke as head of the US central bank, the Federal Reserve.

Summers, one of the favourites to succeed Bernanke (pictured) along with current Fed vice-chairman Janet Yellen, has written to President Barack Obama to tell him any confirmation process is likely to be "acrimonious" for him. In a statement Summers said: "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." Summers has held a number of senior positions under previous administrations, acting as ...