Fed Vice Chair Kohn Ponies Up and Heads off into the Sunset
And good riddance. This leaves three vacancies on the seven-member Board, leaving one to wonder why no one wants to be a Fed governor these days. Shame.
Via the Board:
For immediate release
Donald L. Kohn submitted his intent to resign Monday as a member of the Board of Governors of the Federal Reserve System, effective at the expiration of his term as Vice Chairman on June 23, 2010.
Kohn, who has been a member of the Board since August 2002 and served as its Vice Chairman since June 2006, submitted his letter to President Obama.
"The Federal Reserve and the country owe a tremendous debt of gratitude to Don Kohn for his invaluable contributions over 40 years of public service," Federal Reserve Chairman Ben S. Bernanke said. "Most recently, he brought his deep knowledge, experience, and wisdom to bear in helping to coordinate the Federal Reserve's response to the economic and financial crisis. In addition, Don helped lead the stress tests of major financial institutions; he directed the Board's ongoing efforts to increase the transparency of the Federal Reserve; and he has been leading an international effort within the Bank for International Settlements to help central banks focus on key issues and responses to the crisis. On a personal note, I would like to express my deep appreciation for Don's friendship and counsel during some very difficult times. He will be greatly missed."
In a bonus, BloombergTV didn't waste a second in grilling Richmond Fed's Jeff Lacker on how Kohn's retirement after 40 years of service to the Fed makes him feel. Warm and squishy it was not but Lacker did his duty to the System, calling Kohn "a real rock" and insisting he will be missed. Pfft yeah. Surely.
The Fed is down one more liability, I sincerely hope that works out for them.
He won't be greatly missed over here but Bloomberg hasn't tried to get in touch to ask me about any of that. Bring on the next asshat!