Fed’s No. 2, Donald Kohn, plans to retire in June

Pat McMahon Contributor
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WASHINGTON — Donald L. Kohn, the vice chairman of the Federal Reserve, who helped coordinate the central bank’s response to the fiscal crisis in 2008, told the White House on Monday that he would retire when his four-year term expires on June 23.

His departure would bring to three the number of vacancies on the Fed’s 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.

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