TODAY   |  September 16, 2013

Summers’ Fed chair withdrawal leaves new candidates

President Obama is looking for a new Federal Reserve chair nominee now that leading contender Larry Summers has withdrawn. If nominated, current Vice Chair Janet Yellen would be the first woman to lead the Fed.

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>> the president speaking out on this, the 5th anniversary of the start of the financial crisis . at the same time he's looking for a new fed chairman now that a leading contender took his name out of the running. peter alexander has more. peter, good morning.

>> good morning, larry summers was one of the president's top economic advise source. he was the first choice to head the federal reserve but on sunday the president accepted his decision to with draw his name. democrats viewed him as too connected to wall street against tougher financial regulation . a fourth democratic senator came out against summer's nomination. summers himself even conceded it would be a tough confirmation battle. the president is expected to announce his nominee as early as this month. ben bernanke 's term runs out in january. janet yellen would be the first woman in that job.

>>> peter alexander in washington. thank