No. 2 figure at Fed to retire

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Donald Kohn, the second-highest-ranking official at the Federal Reserve, says he will step down when his term ends in late June.

Kohn has played a major role in shaping the Fed’s strategy in fighting the worst financial and economic crisis to hit the country since the Great Depression.

His departure will open up a third seat on the seven-member Federal Reserve board, giving President Obama a chance to put his imprint on the central bank.

A veteran of the Fed, Kohn first joined the Fed as a economist in Kansas City in the early 1970s. He has been a member of the Fed board since 2002.

-- Associated Press