REPORT: LARRY SUMMERS WITHDRAWS NAME FOR FED CHAIR

The Wall Street Journal's David Wessel is reporting Larry Summers has withdrawn his name for Fed chair.

"I have reluctantly concluded that any possible confirmation process for me would be acrimonious and would not serve the interest of the Federal Reserve, the Administration or, ultimately, the interests of the nation's ongoing economic recovery," Summers wrote in a letter to President Obama, Wessel writes.

Summers was facing opposition from left-leaning pundits, as well as more than 200 economists who signed an open letter in support of current Fed Vice Chair Janet Yellen.

Click here to see Wessel's full report »