Barack Obama's chief of staff Rahm Emanuel steps down

Rahm Emanuel, president Barack Obama's high-profile chief of staff who helped push through major health care and financial regulatory reforms, stepped down on Friday to pursue a run for Chicago mayor.

Obama praised Emanuel at a farewell ceremony at the White House.

"It is fair to say we could not have accomplished what we accomplished without Rahm's leadership," he said.

Pete Rouse, a long-time Obama adviser who helped orchestrate his presidential campaign, will step into the position temporarily.