Fed Vice Chairman Fischer Resigns Citing “Personal Reasons”
Wednesday, Stanley Fischer, 73 anni, Vice Chairman of the Federal Reserve, submitted his resignation for “personal reasons,” adding another vacancy in the Fed’s 7-member board.
Mr. Fischer’s resignation as Vice Chairman and a member of the Fed board of governors will be effective on 13 October 2017, months before his term expires in June 2018, the central bank said in a statement.
Mr. Fischer, an economist and former head of Bank of Israel, joined the Fed board in May 2014 and served as Chairman of the board’s committee on financial stability.
“Stan’s keen insights, grounded in a lifetime of exemplary scholarship and public service, contributed invaluably to our monetary policy deliberations,” Fed Chairwoman Janet Yellen said.
“He represented the Board internationally with distinction and led our efforts to foster financial stability,” she added.
Mr. Fischer’s departure comes as US President Donald Trump prepares to reshape the Fed board, which currently has 3 vacancies. Trump has nominated Randal Quarles, an investment-fund manager and former US Treasury official, as Fed’s vice chiairman of supervision.
As Ms. Yellen’s current term expires in February next year, President Trump has begun the search for the next Fed Chairman.
Ms. Yellen and Director of the National Economic Council Gary Cohn are among contenders to lead the central bank next year, according to media rumors.
President Trump said he will not announce his nominee for next Fed Chairmanuntil the end of this year, as it is too early to make that decision.