Federal Reserve Vice Chairman Donald L. Kohn will resign in June

Washington - Federal Reserve Vice Chairman Donald L. Kohn announced that he will step down when his term ends on June 23. Kohn has held the position since 2006.

On Monday, Federal Reserve Chairman Ben Bernanke issued a statement, “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.” The Vice Chairman of the Federal Reserve, Donald Kohn, sent a letter to President Barack Obama and said he will leave his position when his term ends on June 23, according to the Business Insider. Kohn has served on the Fed’s Board of Governors since August 2002 and joined the Fed as an Economist in Kansas City in the early 1970s. The 40-year-old Fed veteran's resignation will now officially leave three vacant seats for the President to fill but confirmed by the United States Senate. Currently, there are a couple of contenders to replace Kohn, reports Reuters, such as Head of the White House Council of Economic Advisors Christina Romer or Federal Reserve Governor Daniel Taruilo. The Associated Press notes that Kohn assisted in the Fed’s strategy in fighting the current economic collapse, which has been dubbed the worst since the Great Depression of the 1930s and 1940s.