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Larry Summers May Be Leaving Obama Administration, Fox Business Reports

Summers Leaving Obama

First Posted: 05/26/10 06:12 AM ET Updated: 05/25/11 05:00 PM ET

Larry Summers may be the first high-profile departure from the Obama administration, Wall Street executives tell the Fox Business Network.

White House Press Secretary Robert Gibbs said Summers is staying put for now, but the unnamed Wall Street executives claim Summers is planning a departure from his post at the head of the President's National Economic Council by the end of 2010. Fox Business' Charles Gasparino speculates that he wanted to replace Ben Bernanke as Chairman of the Federal Reserve.

An aide to Summers tells HuffPost that the rumors are "falso."

"Larry is focused every day helping the President get Americans back to work and he's enjoying the job," the aide said.

Summers, notoriously ousted from the presidency of Harvard University, previously served as Treasury Secretary under President Clinton.

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Filed by Jeff Muskus  |