Fed’s Vice Chairman To Resign

Posted by Orb Staff on March 02, 2010 No Comments
Categories : Residential Mortgage

The Federal Reserve's vice chairman, Donald L. Kohn, has announced his resignation as a member of the Fed's Board of Governors in June. A member of the board since August 2002, Kohn has served as the vice chairman since June 2006.

‘At no time since the Great Depression have this ability and dedication been tested as they have been over the past several years,’ Kohn wrote in his resignation letter to President Obama. ‘I am confident that history will judge the Federal Reserve, under the leadership of Chairman Ben Bernanke, to have met these challenges with great speed, imagination and effectiveness.’

Obama plans to confirm a successor to Kohn by June, White House Press Secretary Robert Gibbs said Monday. A Wall Street Journal article published Tuesday notes that Kohn's vacancy is one of three on the Board of Governors that must be filled.

"It's almost inconceivable the [policy-making Federal Open Market] Committee will become more hawkish,’ said Laurence Meyer, a former Fed governor, according to the WSJ report.

SOURCES: Federal Reserve, Wall Street Journal

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