Former US Treasury Secretary Larry Summers has withdrawn his candidacy to succeed Ben Bernanke as head of the US central bank, the Federal Reserve.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 Treasury secretary during the Clinton administration from 1999 to 2001 after spending four years as deputy.
Before that, he was chief economist of the World Bank from 1991 to 1993.
However, this time around his candidacy is opposed by some influential members of Obama's Democratic Party, including members of the Senate Banking Committee.
His exit from the race leaves Yellen out in front, and the dollar fell in overnight trading in reaction as traders bet the US' tapering programme might now be more slowly implemented than if Summers had been elected.
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Ceremony will take place 13 November