The withdrawal of the leading candidate to head the U.S. central bank leaves it an open question who President Barack Obama might name to succeed outgoing Chairman Ben Bernanke.
A key White House economic adviser in the early years of Mr. Obama's presidency, Lawrence Summers, withdrew his name Sunday from consideration to lead the Federal Reserve, the country's key monetary policy agency and an important link in the world economy.
His withdrawal could lead to the appointment of the first woman chairman of the Fed, Janet Yellen, currently the central bank's vice chairman. But other economic leaders could also be named.
One leading U.S. economist, Jim O'Sullivan of High Frequency Economics, told VOA Yellen is the likely choice and would lead to a continuation of Fed support for the American economic recovery.
Washington officials believed Summers, a former Harvard University president, was Mr. Obama's first choice to replace Bernanke, when his term expires in January. But several Democratic senators had voiced opposition to Summers' possible appointment, telling the White House that he was too lax on financial regulation.