Federal Reserve's Donald Kohn to Join Brookings Institution

Donald Kohn, the vice chairman of the Federal Reserve who has worked at the institution for 40 years, will become a senior fellow at the Brookings Institution when he leaves the Fed next week.

Kohn, 67, advised Fed Chairman Ben Bernanke throughout the financial crisis, and also served as a key adviser to former chairman Alan Greenspan. He first entered central banking as a researcher at the Federal Reserve Bank of Kansas City in 1970, and has served as a Fed governor and as head of the monetary affairs group.

Kohn received a standing ovation at this year's annual Fed conference in Jackson Hole, Wyo. Still, he has drawn criticism for his words at the 2005 conference, when he argued against the notion that financial deregulation was stoking risk in the financial system.

Kohn will work at the Brookings think-tank part time, starting in September, The Wall Street Journal said. He will also give speeches and do consulting work.