Stanley Fischer steps down as Fed vice chairman

Fed's Fischer announces resignation

The resignation will provide Trump with another opportunity to reshape the Fed.

"The strength of the financial system is absolutely essential to the ability of the economy to continue to grow at a reasonable rate, and taking actions which remove the changes that were made to strengthen the structure of the financial system is very unsafe", Fischer said in April.

The 73-year-old will step down on October 13, almost a year before his term as vice chair was due to expire and two and a half years before the end of his term on the Fed's board of governors, the Fed said in a statement.

Fischer's term was set to expire in June 2018 and his tenure on the Fed was slated to end in January 2020. While at MIT, Fischer oversaw former Fed chairman Ben Bernanke's thesis and taught European Central Bank President Mario Draghi, according to Bloomberg.

Fischer, who was born in Zambia and educated in London, was nominated to the Fed by President Barack Obama after serving as the governor of the Bank of Israel from 2005 to 2013. All nominations to the Board of Governors require Senate confirmation.


Nichols noted that Fischer's departure leaves yet another open seat on the Federal Reserve board, which already has three vacancies in addition to the one Fischer will create.

Trump criticized Yellen's low-interest rate policies during the campaign but has tempered his comments since the election.

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.

As for Yellen's replacement, NEC Cohn will likely take the Fed Chief job if he wants it and can, with Trump, trim the number of PhD economists in favor of more business executives like former Goldman Sachs President Cohn.

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