Kohn to leave Fed in June, giving Obama opening

March 02, 2010

WASHINGTON - Donald Kohn, the second-highest ranking official at the Federal Reserve, announced Monday that he will leave at the end of June, giving President Barack Obama a chance to put a bigger imprint on the central bank. Kohn, vice chairman, has played a major role in shaping the Fed's strategy in fighting the worst financial and economic crises to hit the country since the Great Depression. His departure will open up a third seat on the seven-member Federal Reserve board in Washington. Board members are picked by the president and must be confirmed by the Senate.

- Associated Press

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