Former U.S. Treasury Secretary Larry Summers has withdrawn his name for consideration to succeed Ben Bernanke as Federal Reserve chairman, according to a senior administration official.

Summers called President Obama on Sunday to notify him, according to Dow Jones Newswires, which first reported the news.

"I have reluctantly concluded that any possible confirmation process for me would be acrimonious and would not serve the interest of the Federal Reserve, the administration or, ultimately, the interests of the nation's ongoing economic recovery," Mr. Summers is quoted as saying in a letter to the president following the call.

President Obama said he had spoken with Summers earlier Sunday and accepted his resignation.

Obama nominates Janet Yellen as the next Fed chair.

Mike