While Lawrence Summers remained the president’s alleged top pick for the Federal Reserve Chairman role, it seems he may have fallen on the political sword so to speak.
As the Wall Street Journal reports,
“Though he may have been the President's first choice, the very political economist would have ignited a nomination fight that he might well have lost.”
Furthermore, the Journal article added that:
“Mr. Summers acknowledged this prospect Sunday in his letter to Mr. Obama, citing his desire to avoid an "acrimonious" confirmation battle. Much of the opposition came from the political left, which still blames him for his support for alleged financial deregulation as Treasury secretary in the late Clinton era. At least three Democrats on the Senate Banking Committee had announced their opposition, and Elizabeth Warren might have been a fourth. He was also opposed by Joseph Stiglitz and other left-wing economists.”