While U.S. President George W. Bush has yet to nominate a successor to Alan Greenspan as chairman of the Federal Reserve Board, the respected British magazine The Economist has made its pick. And he is Donald L. Kohn, a member of the Fed's Board of Governors. Immediately prior to joining the board on Aug. 5, 2002, Kohn was adviser to the board on monetary policy.
"As a staff member before being promoted to governor in 2002 on Mr. Greenspan's recommendation, Mr. Kohn has been attending the Fed's policy-making meetings for almost 24 years, even longer than Mr. Greenspan," the magazine notes in the lead editorial of its October 15 issue. "His vast experience of monetary decisions and financial crises would be invaluable in troubled times. . . . He would offer continuity and a safe pair of hands."