Federal Reserve’s Kohn to step down in June

Donald Kohn, vice-chairman of the Federal Reserve System, tendered his resignation last month from the US central bank’s board of governors and will step down when his term expires on June 23. In a letter to President Barack Obama, Kohn – who has been a member of the Fed board since August 2002 and served as its vice-chairman since June 2006 – defended the actions of chairman Ben Bernanke in taking extraordinary steps to combat the financial crisis and ensuing recession. Koh