Stanley Fischer To Step Down From The Federal Reserve

Trevor Jackson
September 7, 2017

Federal Reserve Vice Chairman Stanley Fischer will resign next month for personal reasons, leaving a fourth vacancy on the seven-member Fed governing board.

Fischer, 73, cited "personal reasons", for his resignation, which will take effect October 13.

"It has been a great privilege to serve on the Federal Reserve Board and, most especially, to work alongside Chair [Janet] Yellen as well as many other dedicated and talented men and women throughout the Federal Reserve System", Fischer wrote.

But Trump said he wouldn't announce his nominee for next Fed Chair until the end of this year, as it's still too early to make that decision.

Trump has said he is also weighing whether to name his current senior economic advisor Gary Cohn as Fed chair, replacing Janet Yellen, whom he has also said he may keep in place. It was originally believed that Fischer was slated for appointment as chairman of the Fed.

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Besides Yellen and Fischer's seats, there are already two open spots for Fed governors, who get a permanent vote on the influential committee that raises and lowers interest rates.

The resignation of Stanley Fischer, 73, creates another vacancy on the council that oversees the U.S. central bank. His resignation creates yet another opening for Trump to fill at a critical time for the Fed.

His Board leadership was informed by experience as governor of the Bank of Israel, vice chairman of Citigroup, deputy managing director of the International Monetary Fund and chief economist of the World Bank.

"Stan's keen insights, grounded in a lifetime of exemplary scholarship and public service, contributed invaluably to our monetary policy deliberations", Yellen said in Wednesday's statement. "He represented the board internationally with distinction and led our efforts to foster financial stability". "We will miss his wise counsel, good humor, and dry wit", Yellen said.

Mr. Trump has nominated Randal Quarles for one of the vacancies as vice chairman for bank supervision.

Other reports by TheDailyFarc

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