Federal Reserve Vice Chairman Stanley Fischer has submitted his resignation, according to a media statement issued by the U.S. central bank.
“Stanley Fischer submitted his resignation Wednesday as Vice Chairman and as a member of the Board of Governors of the Federal Reserve System, effective on or around October 13, 2017,” said the statement. He has been a member of the Board since May 28, 2014, it added.
Fischer's resignation letter addressed to President Donald Trump and shared on the Federal Reserve website cites personal reasons for the resignation. It offers no further detail.
The resignation letter notes that the U.S. economy has continued to strengthen during Fischer's time on the Board. And that millions of jobs have been added.
Federal Reserve Chair Janet Yellen expressed her personal gratitude to Fischer for his service, as per a comment in the Fed statement.
Stan's keen insights, grounded in a lifetime of exemplary scholarship and public service, contributed invaluably to our monetary policy deliberations. He represented the Board internationally with distinction and led our efforts to foster financial stability. I'm personally grateful for his friendship and his service. We will miss his wise counsel, good humor, and dry wit.”Janet Yellen, Chair, Federal Reserve
Fischer is a renowned economist and has served in several illustrious positions before joining the U.S. central bank.
2005 - 2013: Governor, Bank of Israel
2002 - 2005: Vice Chairman, Citigroup
1994 - 2001: First Deputy Managing Director, International Monetary Fund
1988 - 1990: Chief Economist, World Bank
1977 - 1999: Economics Professor, Massachusetts Institute of Technology
1973 - 1977: Associate Professor, Massachusetts Institute of Technology
Bloomberg reports that Fischer is leaving before his term expires in June next year, and that in effect gives Trump scope to remake the leadership of the Federal Reserve Board. Janet Yellen's term as chair expires in February. Trump has said that a renomination of Yellen is under consideration, though the White House is also looking at other candidates.
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