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USA TODAY

Former U.S. Treasury Secretary Larry Summers called President Obama on Sunday to withdraw his name from consideration for the position of Federal Reserve chairman. Obama says he has accepted Summers' decision.

Summers said in the letter: "I have reluctantly concluded that any possible confirmation process for me would be acrimonious and would not serve the interests of the Federal Reserve, the Administration, or ultimately, the interests of the nation's ongoing economic recovery."

The president tells the Associated Press that Summers was a critical member of his economic team and says he is grateful for his service on behalf of the country.

Summers was considered by many to be the leading candidate to replace current Fed Chairman Ben Bernanke.

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