Stanley Fischer resigns as vice chairman of the Federal Reserve

Stanley Fischer resigns as vice chairman of the Federal Reserve

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".

On May 21, 2014, the USA confirmed Fischer's appointment to the Federal Reserve Board of Governors.

"Stan's keen insights, grounded in a lifetime of exemplary scholarship and public service, contributed invaluably to our monetary policy deliberations", Fed Chair Janet Yellen said in a statement.

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.

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Fischer joined the Fed in March 2014 after an eight-year term as the governor of the Bank of Israel.

Fischer, one of the more hawkish members of the Fed's monetary policy committee members, announced his resignation at a time when the dollar has fallen sharply.

The resignation of Stanley Fischer, 73, creates another vacancy on the council that oversees the U.S. central bank.

In the interview with the Wall Street Journal, Trump said he had a "lot of respect" for Yellen and would consider asking her to serve another term.

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Fischer, who has served at the Fed for three years, is leaving before his term as vice chairman expires in June.

He has also held the job of vice chairman of Citigroup and was deputy director of the International Monetary Fund for almost seven years. "We will miss his wise counsel, good humor, and dry wit".

Michael Pearce, Ashworth's colleague at Capital Economics, wrote in August that Fischer is the "most ardent defender of the status quo" among Fed officials, adding that it seemed likely Trump would seek to replace Fischer with someone more sympathetic to his deregulatory agenda.

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