Leading Fed chief candidate bows out

Larry Summers is out of the running to lead the Federal Rese﷽rve, a surprise blow to President ꦜObama, who had pushed hard for his appointment.

Summe🏅rs, who had been blasted by critics as an architect of policies that led to the Great ꧂Recession, cited in a letter to Obama the controversy over his candidacy.

“I have reluctantly concluded that any possible confirm🐬ation process for me would be acrimonious,” wrote Summers, who early in the Obama administration had served as chairman of the National Economic Council.

In addition to some Senate Democrats who༺ had vowed to block his appointment, Summers faced opp🌜osition from women’s groups over allegedly sexist comments he had made several years ago that got him ousted as Harvard’s president.

In a statement, Obama said he accepted the﷽ decision. He still praised Summers for helping avert a depreꦜssion after the start of the banking crisis.

Beltway insiders saidꦡ the bow-out by the gruff Harvard economist is the latest sign that Obama’s sway is waning generally as he scrambles to find the right policy to confront Syria.

“Basically the view is that Obama is losing traction in Washington,” one insider told The Post. “He pushed very hard f🍌or Summers but 🌄opposition was too significant.”

The surprise move forces Obama to weigh other contenders he has int🌺erviewed, including Janet Yellen, the Fed’s vice chairwoman; and Donald Kohn, a former vice chairman.

Yellen, who has won strong support from many of Summers’ critics, is nevertheless “not much different from Summers on pol🥀icy,” according to a Washington source.

Current Fed chief Ben Bern꧋anke, whose term is up Jan. 31, has signaled he isn’t interes⛄ted in staying on.