Will Janet Yellen be the next chair of the Federal Reserve?

The race to head the Fed was reportedly down to Larry Summers and Yellen. Then Summers dropped out...

Janet Yellen
(Image credit: (© HO/Reuters/Corbis))

On Sunday, former Treasury Secretary Larry Summers withdrew his name from consideration to be the next Federal Reserve chairman. Current Chairman Ben Bernanke steps down in January 2014, and Summers was widely thought of as President Obama's top pick to replace him.

In a letter to Obama, Summers said he has "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." Obama reluctantly agreed.

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Peter Weber, The Week US

Peter has worked as a news and culture writer and editor at The Week since the site's launch in 2008. He covers politics, world affairs, religion and cultural currents. His journalism career began as a copy editor at a financial newswire and has included editorial positions at The New York Times Magazine, Facts on File, and Oregon State University.