By CNN Staff
WASHINGTON (CNN) -- Lawrence Summers has withdrawn his name from consideration as chairman of the Federal Reserve, according to a statement released Sunday by the White House.
"Earlier today, I spoke with Larry Summers and accepted his decision to withdraw his name from consideration for Chairman of the Federal Reserve," President Barack Obama said in the statement. "Larry was a critical member of my team as we faced down the worst economic crisis since the Great Depression, and it was in no small part because of his expertise, wisdom, and leadership that we wrestled the economy back to growth and made the kind of progress we are seeing today."
No reason was given for the withdrawal by Summers, who was oft-discussed as the president's preferred choice to succeed Ben Bernanke.
CNN's Gloria Borger contributed to this report
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