Former Treasury Secretary and head of President Obama’s Council of Economic Advisers Larry Summers officially withdrew from consideration for the next chairmanship of the Federal Reserve, according to a letter submitted to Obama on Sunday. The move was likely catalyzed by Montana Senator Jon Tester’s announcement that he would not support Summers’ nomination to succeed Ben Bernanke should it come to a vote on the Senate Banking Committee, where Democrats have a three-vote majority. The revelation came after two other Democrats on the committee — Jeff Merkley of Oregon and Sherrod Brown of Ohio — announced their ... (full story)