Former U.S. Treasury Secretary Larry Summers withdrew his name from consideration as a nominee for the position of Federal Reserve Chairman today.

Summers called President Obama on Sunday to withdraw his name.

"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," CNBC quoted Summers as saying in a letter following the call.

The White House released a statement following the call.

"Earlier today, I spoke with Larry Summers and accepted his decision to withdraw his name from consideration for Chairman of the Federal Reserve,” President Obama announced this afternoon. “Larry was a critical member of my team as we faced down the worst economic crisis since the Great Depression, and it was in no small part because of his expertise, wisdom, and leadership that we wrestled the economy back to growth and made the kind of progress we are seeing today. I will always be grateful to Larry for his tireless work and service on behalf of his country, and I look forward to continuing to seek his guidance and counsel in the future.”

Momentum had been building among Democrats unsatisfied with his performance as Treasury Secretary, with Sen. Jon Tester (D-MT) the latest Friday to to announce his opposition to Obama former chief economic adviser, should he have been nominated, Politico reported.

Response among progressive political groups has been positive.

"Larry Summers' past decisions to deregulate Wall Street and do the bidding of corporate America has made the lives of millions of Americans more acrimonious," said Adam Green, Co-Founder of the Progressive Change Campaign Committee. "He would have been an awful Fed Chair. President Obama should appoint someone to lead the Fed who has not accepted millions in payments from Wall Street, and who will prioritize an economy that works for the little guy above further enrichment for the big guy."