Fischer resigns from Federal Reserve Board

Fischer resigns from Federal Reserve Board

US Federal Reserve Board vice chairman and former Governor of the Bank of Israel Stanley Fischer has announced his resignation, effective as of October 13, after serving a three-year term.

What we find suspicious, absent any major family or health concerns, is just how quick he wants to get out of town.

Trump is expected to nominate a Fed chair in February when Yellen's term expires. We expect that Dudley could be offered the Vice Chair position but believe he likely stays at the NY Fed, though Potter could assume the NY Fed President role.

At MIT in the 1970s, Fischer taught both Ben Bernanke, who decades later became Fed chair, and Mario Draghi, now the president of the European Central Bank.

Fischer, a former governor of the Bank of Israel and vice chairman of Citigroup, leaves the Fed as the central bank confronts the deepening dilemma of United States monetary policy.

More news: Japan joins in bomb drill as United States tells North Korea: We're ready

But with Fischer's soon-to-be-vacant seat, the president has the responsibility for nominating a candidate to the seven-member Board of Governors, and each much be confirmed by the Senate.

Fischer was appointed to the board by President Obama in 2014 for a term as vice chairman that was set to expire in 2018. His resignation creates yet another opening for Trump to fill at a critical time for the Fed. "He represented the board internationally with distinction and led our efforts to foster financial stability".

In a statement on Wednesday, Yellen said, "Stan's keen insights, grounded in a lifetime of exemplary scholarship and public service, contributed invaluably to our monetary policy deliberations". "We will miss his wise counsel, good humor, and dry wit", Yellen said.

Trump in July chose the investor and former Treasury Department official Randal Quarles to join the Fed as vice chair for supervision in a further sign the White House may promote continuing deregulation of the financial sector.

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