(Lawrence H. Summers / larrysummers.com)

In light of the search for the next Chairman of the Federal Reserve, Lawrence Summers has pulled out his name from consideration, reported the White House today.

Summers was long considered to be the leading candidate for the next Fed Chairman. His past positions include a role as the 71st Secretary of the Treasury during the Clinton administration, as well as director of the National Economic Council, in which he oversaw responses to the financial crisis that erupted during Obama's first term as president. 

SEE ALSO: Lawrence Summers: Timeline of Events

Obama has accepted Summers' withdrawal and commented in his statement that he will "always be grateful to Larry for his tireless work and service on behalf of his country".

"I look forward to continuing to see his guidance and counsel in the future," added Obama.  

Summers' withdrawal opens way for Janet Yellen, his primary rival, to be the next potential Chairman. Yellen will be the first female Chairman If nominated by Obama and confirmed by the Senate.

As Bernanke's term comes to a close in January 2014, Obama is expected to declare a nominee for the position as early as this month. 

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