The Wall Street Journal's David Wessel is reporting Larry Summers has withdrawn his name for Fed Chair.

"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," Summers wrote in a letter to President Obama, Wessel writes.

Current Fed Chair Ben Bernanke is stepping down in January.

Wessel has posted Summers' full letter here »

The dollar instantly fell on the news.

Our Brett LoGiurato recently explained how four Democrats on the Senate Banking Committee, which has first say over accepting the president's nomination for Fed Chair, had already said they opposed Summers' candidacy.

Summers was also facing opposition from more than 200 economists who signed an open letter in support of current Fed Vice Chair Janet Yellen.

Click here to see Wessel's full report »