Today, Donald Kohn submitted notice of his intent to resign as the Vice Chairman and member of the Board of Governors of the Federal Reserve System, effective at the expiration of his term as Vice Chairman on June 23. With his departure from the Board, the seven-member Board will have three vacancies.

Kohn has served as a member of the Board since 2002, and as Vice Chairman since 2006. Federal Reserve Chairman Ben Bernanke acknowledged his respect for Kohn, noting that he “helped lead the stress tests of major financial institutions; he directed the Board’s ongoing efforts to increase the transparency of the Federal Reserve; and he has been leading an international effort within the Bank for International Settlements to help central banks focus on key issues and responses to the crisis.”