Fed Vice Chair Stepping Down in October

Stanley Fischer, Vice Chairman of the U.S. Federal Reserve, on Wednesday submitted his resignation for "personal reasons", adding another vacancy in the Fed's seven-member board.

Nominated by President Barack Obama, Fischer worked with Chairman Janet Yellen to lift the USA out of the financial crisis and recession through a strategy involving low interest rates and money printing.

"During my time on the Board, the economy has continued to strengthen, providing millions of additional jobs for working Americans", Fischer wrote. He also said he was proud to have made the financial system stronger and more resilient after the financial crisis. His unexpected departure adds to a leadership vacuum at the top of the Fed as it navigates a hard path. Trump's first Fed nominee, Randal Quarles as vice chairman of banking supervision, is expected to be approved by the Senate Banking Committee on Thursday, and he is likely to clear the full Senate soon thereafter.


Last month, Yellen spoke at the annual Jackson Hole Symposium, the year's top meeting of central bankers and economists from around the world, and gave an ardent defense of the US government and the Fed's regulatory response to the financial crisis.

Fischer, a respected 73-year-old economist and former head of Bank of Israel, has joined the Fed board since May 2014 and served as chairman of the board's committee on financial stability.

Goodfriend, 66, worked for more than 20 years at the Richmond Fed and is seen as a leading hawkish voice on monetary policy.


Last month in an interview, Trump said he was considering either re-nominating Yellen for a second term as Fed chair or replacing her. He also did stints at Citigroup, the International Monetary Fund and the World Bank.

Reports have indicated that Yellen and Trump's chief economic advisor Gary Cohn, formerly the president and COO at Goldman Sachs (GS), are the top two candidates for the role.

Fed Chair Janet Yellen said Fisher would be missed.



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