Report: Summers turned down job as Bank of Israel head

Former Treasury Secretary Larry Summers, who was in the running to succeed Ben Bernanke as chairman of the Federal Reserve, reportedly turned down an offer to lead the Bank of Israel.

Israel’s Channel 2 reported on Friday that the former Harvard president was one of multiple non-Israelis approached by Prime Minister Benjamin Netanyahu to succeed Stanley Fischer, who left the post in June after a term that began in 2005.

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Netanyahu and Israeli Finance Minister Yair Lapid plan to announce a new governor for the central bank by Sunday, after a struggle to agree on a suitable candidate.

The bank’s acting governor, Karnit Flug, is reportedly in the running for the job. Top contenders for the governorship include a former governor, the former head of the Bank of Argentina and an academic who leads the economic department at Interdisciplinary Center Herzliya, a college.

Two candidates withdrew from the race to lead the job after a shoplifting scandal and mounting opposition.

Amid rising opposition from liberal Democrats, Summers withdrew his name from consideration to lead the Fed last month, paving the way for Obama to nominate Janet Yellen to the post.

In a letter to President Obama at the time, Summers wrote that he “reluctantly” concluded that a Senate confirmation battle would be “acrimonious” and would be a disservice to the Federal Reserve and the economic recovery.

If confirmed by the Senate, Yellen, the current vice chair of the Fed, will be the first female to ever head the central bank.