Obama has a chance to make over Fed with vice chairman's resignation

Donald Kohn, vice chairman of the Federal Reserve, said he will retire in June. The move gives President Barack Obama an opportunity to reshape the Fed. "It is a pivotal point in the history of the Fed," said Diane Swonk, chief economist at Mesirow Financial. "You need somebody who has credibility and can defend the Fed's independence in a way that doesn't offend Congress. They need finesse on regulatory policy. There will be a lot on their plate."

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