Lawrence Summers Withdraws his Name for Fed Chairmanship, Janet Yellen likely to get the nod: It’s the 5th anniversary of the collapse of Lehman Brothers and current Fed Chairman Ben Bernake is stepping down after leading the economic recovery. Summers is a former Treasury secretary and top adviser to President Obama. He cites an acrimonious confirmation process that would not be in the best interest of the Federal Reserve and the nation’s economic recovery as his reason for withdrawing from contention. As he has been repeatedly questioned by congress, women’s groups, and the Senate Banking Committee for not being tough enough on Wall Street and hostile to women I understand his decision. Janet Yellen is likely to be the first female Fed Chairperson. Economic Justin Wolfers has Yellen atop the odds to be the next leader of the Fed.