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Ear to the Ground

Fed’s Second in Command to Step Down

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Posted on Mar 1, 2010
Kohn
Wikimedia Commons / Federal Reserve

The Federal Reserve’s vice chairman, Donald L. Kohn, is ready to leave the building. Providing what could be a substantial opportunity for the Obama administration to change the central bank’s course, Kohn announced Monday that he’ll retire June 23, the official end date of his four-year term at the Fed.  —KA

The New York Times:

His departure would bring to three the number of vacancies on the Federal Reserve’s seven-member board of governors, and gives the Obama administration the chance to significantly affect the governance of the Fed and its conduct of monetary policy. Mr. Kohn’s announcement also comes as the Senate is considering a vast overhaul of financial regulations that might include a reduction in the Fed’s powers to oversee banks.

Mr. Kohn, 67, began his career as a financial economist at the Federal Reserve Bank of Kansas City in 1970, before he completed his Ph.D. in economics the next year at the University of Michigan.

The White House said on Monday that Mr. Kohn’s decision to retire was “his alone” and that President Obama intended to name a successor before Mr. Kohn’s term ends in June.

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MarthaA's avatar

By MarthaA, March 1, 2010 at 6:04 pm Link to this comment

The one who should get this job at the Federal Reserve is Brooksley Born:

Unheeded, Brooksley Born warned Congress about the risks of derivatives to the nation:
http://seattletimes.nwsource.com/html/businesstechnology/2009281564_born31.html

Born was the Clinton-era regulator (and one of the few heroes to emerge in this crisis) who fought tooth and nail with Larry Summers and Robert Rubin to regulate credit derivatives but lost and has subsequently been vindicated by the collapse of the financial industry.
http://www.cjr.org/the_audit/brooksley_born_finally_on_the.php

While leading the CFTC in 1998, Born declared that the unregulated contracts could “pose grave dangers to our economy.’’ Born, a lawyer who according to futures attorney Dan Roth battled fellow regulators with the ferocity of a courtroom litigator, lost a turf fight with Alan Greenspan and Robert Rubin over policing the deals.
http://www.bloomberg.com/apps/news?pid=20601109&sid=aXcq.r6xLf4g&refer=home

http://en.wikipedia.org/wiki/Brooksley_Born

This woman would be an asset not a liability.

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By Aarky, March 1, 2010 at 1:20 pm Link to this comment
(Unregistered commenter)

As cynical as I have become about our President, I would expect him to appoint Bernie Madoff and rationalize it by saying that since Bernie knows all the tricks with cheating people out of their life savings that he will be better able to see any sneaky tricks coming down the road. In the real world, he should consider Joseph Stiglitz, Dean Baker or Paul Krugman becaue these men have their act together and have pointed out all the flaws that set off this financial fiasco.

 

 

 

 


  ; Krugmanj

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By samosamo, March 1, 2010 at 12:41 pm Link to this comment

Big deal, bernanke is still in charge and o would never approve
of any counter measure against his favorite financial terrorist.

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