Federal Reserve Vice Chairman Kohn Steps Down

Federal Reserve Vice Chairman Donald Kohn announced plans to resign Monday as a member of the Board of Governors of the Federal Reserve System.

In a letter to President Obama, Kohn, 67, said it was his great privilege to have been part of the U.S. central bank.

Kohn, who has been a member of the Fed’s Board since August 2002 and served as Vice Chairman since June 2006, will resign on June 23 after 40 years of work at the central bank and at its regional banks.

Mr. Kohn, a veteran of the Federal Reserve System, began his career as a Financial Economist at the Federal Reserve Bank of Kansas City in 1970.

In his letter Kohn also said he was “deeply indebted to Chairman Bernanke, Chairman Greenspan, and Chairman Volcker; to his colleagues over the years at the Reserve Banks and on the staff and the Board of Governors; and to the President and the United States Senate” for the opportunity to serve at the Federal Reserve.

Daniel Tarullo, a former Georgetown University law professor whom President Obama named to the Fed board last year, is a potential successor to Mr. Kohn as a vice chairman.

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