15 September 2013 Last updated at 17:02 ET
Larry Summers was seen as a front-runner for the job
Former US Treasury Secretary Larry Summers has withdrawn his candidacy to succeed Ben Bernanke as head of the US central bank, the Federal Reserve.
In a letter to President Barack Obama, quoted by the Wall Street Journal, Mr Summers said any confirmation process for him was likely to be "acrimonious".
Mr Summers was one of the front-runners for the post, along with current Fed vice-chairman Janet Yellen.
Mr Obama said he had accepted Mr Summers' decision.
Source: BBC News - Business http://www.bbc.co.uk/news/business-24103970#sa-ns_mchannel=rss&ns_source=PublicRSS20-sa
