Lawrence Summers has taken himself out of the running to be the next chair of the Federal Reserve after a bloc of key Democratic senators indicated they would oppose his nomination.
Janet Yellen, the Fed vice-chair, is now the frontrunner to replace Ben Bernanke in January, in an appointment that would make her the first woman to hold the post.
Mr Summers, a former Treasury Secretary and senior economic adviser to Barack Obama in his first term, galvanised opposition among left-of-centre Democrats who painted him as a symbol of the wrongs of financial deregulation.
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