Friday, January 22, 2010

CNBC: Fed Vice Chairman Donald Kohn Would Become Interim Chairman

If Ben Bernanke is not confirmed as Fed chairman for a second term, CNBC is reporting that Vice-Chairman Donald Kohn would serve as interim chairman.

Bernanke's term ends on January 31. He needs 60 votes, versus a simple majority of 51, to be confirmed for a second term, since a number of Senators have put a "hold" on the confirmation vote, and it requires 60 votes to break a hold.

The White House, meanwhile, continued to show support for the Fed chief.

Deputy press secretary Bill Burton told reporters traveling with the President that the White House still believes Bernanke will get another term as chairman.

Burton said Obama has "a great deal of confidence" in the steps Bernanke has already taken and he is "the best person for the job."

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