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Fed's Second in Command to Step Down

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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