Lawrence Summers drops out of running for Fed chief

Unlikely to win confirmation, Lawrence Summers withdraws his bid to be the next Fed chairman. Top contender Janet L. Yellen could become the first woman to lead the central bank.WASHINGTON — With political opposition mounting against him, former Treasury Secretary Lawrence H. Summers pulled his name from consideration as the next chairman of the Federal Reserve, an abrupt turn of events that underscored President Obama's weakness in Congress.