US Federal Reserve Vice Chairman Fischer Resigns

UPDATE: Fed Vice Chairman Fischer announces resignation citing personal reasons

Fed's Fischer has just submitted his resignation to President Trump saying "I am writing to inform you that for personal reasons it is my intention to resign from the Board of Governors of the Federal Reserve Systemon or around October 13, 2017".

In view of the replacement of USA economic leadership planned by President Donald Trump, however, the likelihood that Fischer would be appointed was brought into question.

Mr Fischer had served on the board of governors since 2014.

Appointed to the board for an unexpired term finalising on 31 January, 2020, his term as vice chairman was due to expire on 12 June 2018.

Fischer is seen as the second-most influential member of the Federal Open Market Committee - the Fed committee that sets monetary policy - behind only Chair Janet Yellen. He has worked as a chief economist at the World Bank and taught economics at MIT.

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.




Former Board of Governors member Daniel Tarullo stepped down in April.

"We commend Stanley Fischer for his years of dedicated public service, and we wish him well in his return to private life", said American Bankers Association President and CEO Rob Nichols.

Now Trump will also have to find someone to fill Fischer's spot.

"Adding that, "[Fischer] represented the Board internationally with distinction and led our efforts to foster financial stability.

Fischer had previously served as the governor of the Bank of Israel from 2005-2013, in addition to posts at Citi, the International Monetary Fund, and the World Bank. "We will miss his wise counsel, good humor, and dry wit", Yellen said.

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