White House Mulling Candidates for Fed Openings

The White House says it's screening potential candidates to be members of the Federal Reserve and hopes to move swiftly to fill openings. Treasury Secretary Timothy Geithner is leading the search.

There are two vacancies on the Fed's seven-member board. On Monday, the Fed's second-highest ranking official, Donald Kohn, announced he'll step down at the end of June. Kohn's departure would create a third vacancy, giving President Barack Obama a chance to reshape the central bank.

"We're very cognizant, obviously, of the vacancies, and understanding the importance of them, want to get those filled quickly," White House spokesman Robert Gibbs tells reporters Tuesday.