Kohn going to be next Fed vice-chairman

US president George W. Bush on Thursday 18 May announced plans to nominate Fed governor Donald Kohn to be vice chairman of the Federal Reserve Board of Governors.

Kohn will replace Roger Ferguson, who resigned the position effective 28 April. The appointment requires confirmation by the Senate.

In a statement Federal Reserve chairman Ben Bernanke said: "I am very pleased the President has announced his intent to nominate Don Kohn as Federal Reserve Board Vice Chairman. Governor Kohn has made cr