Saying it has been "an honor to be able to serve my country at the Federal Reserve," during a 40-year career as a staff member and board member, Federal Reserve Vice Chairman Donald L. Kohn informed President Obama today that he will retire on June 23.
Federal Reserve Chairman Ben S. Bernanke praised Kohn for having "brought his deep knowledge, experience, and wisdom to bear in helping to coordinate the Federal Reserve's response to the economic and financial crisis."
Kohn began serving on the board in 2002 and his term runs until 2016. His four-year term as vice chairman began in June 2006.
Before joining the board, he served the Federal Reserve System in several staff positions and rose to be adviser to the board for monetary policy.
Kohn, 67, earned his doctorate in economics from the University of Michigan.