Stanley Fischer steps down from Fed citing 'personal reasons'

Fed's Fischer announces resignation

Stanley Fischer, vice chairman of the Federal Reserve, will step down in mid-October after three years at the central bank, the Fed announced Wednesday.

Fischer, 73, was appointed to the Fed by President Barack Obama in 2014 to a term as vice chair that would have expired in June 2018.

Fischer's departure comes as U.S. President Donald Trump prepares to reshape the Fed board, which now has three vacancies.

Trump has nominated Randal Quarles, a senior Treasury official under President George W. Bush, to be a governor and head up the Fed's regulatory efforts. "We will miss his wise counsel, good humor, and dry wit", Fed Chair Janet Yellen said in a statement.

Former President Barack Obama nominated Fischer as vice chair of the Federal Reserve System, the USA central bank, in January 2014.

Policymakers have twice raised rates in 2017 but a third rate hike this year is seen as increasingly unlikely because inflation has failed to rise despite persistent job growth. Yellen and Director of the National Economic Council Gary Cohn are among contenders to lead the central bank next year, according to US media.

During his tenure at the Fed, he served as chairman of the board's committee on Financial Stability as well as the Committee on Economic and Financial Monitoring and Research. For more than 20 years, he was a professor at the Massachusetts Institute of Technology, where he influenced generations of economists, from former Fed chairman Ben Bernanke to European Central Bank chief Mario Draghi.

It has been a great privilege to serve on the Federal Reserve Board and, most especially, to work alongside Chair Yellen as well as many other dedicated and talented men and women throughout the Federal Reserve System.

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

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