Stanley Fischer steps down from Fed citing 'personal reasons'

Ben Bernanke Participates In IMF Research Conference

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.

Su'a Cravens, 22, considered retiring, but Redskins changed his mind
Gruden was originally supposed to speak with reporters after practice Sunday, but that news conference was canceled and moved until Tuesday.

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".

Related News:

  • US Open 2017: Venus Williams Advances To Last Four

    US Open 2017: Venus Williams Advances To Last Four

    The unseeded Stephens, long seen as the natural successor to the Williams sisters, praised her semifinal opponent. I was able to play loose, play my game and - Bam! I'm just honored to be able to play at the same time as her.
    India on a mission to eradicate poverty, says Modi at BRICS

    India on a mission to eradicate poverty, says Modi at BRICS

    Before the meeting, Modi congratulated Xi on a "very successful" BRICS Summit, China's state-run Xinhua news agency reported . Modi also said India would work with fellow BRICS allies to curb black money and corruption, a stated goal of Xi Jinping.
    Windows 10 Fall Creators Update launch date announced

    Windows 10 Fall Creators Update launch date announced

    It was previously codenamed Project Neon and is part of Microsoft's effort to leave the Metro user interface behind. Another feature that is delayed is the Clipboard feature, which allows users to copy data between phones and PCs.
  • Williams, Kvitova to lock horns in US Open quarters

    Williams, Kvitova to lock horns in US Open quarters

    She had never previously won a match in Arthur Ashe Stadium and had often struggled in the heat and humidity on past visits. Petra Kvitova did not come to the US Open planning to reach the quarterfinals or beat a top-five opponent to do so.
    Harvey victim funds may be delayed without debt limit increase -Mnuchin

    Harvey victim funds may be delayed without debt limit increase -Mnuchin

    But Mnuchin said Sunday that the US can do more, and plans to work with its allies and China to squeeze North Korea. In the wake of Hurricane Harvey, however, Mnuchin told CNBC on Thursday that the deadline could move up a few days.
    Oil falls amid United States  refining outages

    Oil falls amid United States refining outages

    It is also home of the Louisiana Offshore Oil Port (LOOP), the largest privately owned USA crude storage terminal. That's expected to squeeze supplies of gasoline, diesel and jet fuel that runs through the 5,500-mile pipeline.
  • Caitlyn Jenner Not Talking to Kim ... It's a 'Big Loss'

    Caitlyn Jenner Not Talking to Kim ... It's a 'Big Loss'

    Caitlyn Jenner has not been on speaking terms with ex-wife Kris Jenner or Kim Kardashian since the release of her book. Pictured: Jenner attends WORLDZ Cultural Marketing Summit at Hollywood and Highland on August 1, 2017 in Los Angeles.
    Family affair as Vandeweghe advances to US Open quarters

    Family affair as Vandeweghe advances to US Open quarters

    Del Potro had won his only major title in his career and had put an end to a series of five titles, Federer in NY . She upset No. 57 Monica Niculescu 6-3, 4-6, 7-6 (4) Saturday to punch her ticket to the showdown with Pliskova.
    Chelsea striker Diego Costa still to settle Conte differences

    Chelsea striker Diego Costa still to settle Conte differences

    Chelsea will return to Premier League action with a trip to 2016 champions Leicester City on Saturday 9 September. The Telegraph says the striker was holding out for a return to Atletico Madrid after falling out with Conte .
  • Brokenshire in Stormont talks with five main NI parties

    Brokenshire in Stormont talks with five main NI parties

    The secretary of state will meet with Northern Ireland's main political parties on Monday to discuss the current impasse at Stormont.
    Moriya on heels of leader Lewis at Portland Classic

    Moriya on heels of leader Lewis at Portland Classic

    She hit a good lag putt and when the three-footer that was left went in, Lewis had won and the money was going to Houston. Stacy Lewis tees off on the second hole on her way to a 7-under 65 in Round 3 at the Cambia Portland Classic .
    USC's Blind Long Snapper Jake Olson Makes Successful Debut

    USC's Blind Long Snapper Jake Olson Makes Successful Debut

    This is the best video you will see all weekend in college football and very likely beyond the world of sports. By age 12, he had to have both his eyes removed, but that didn't stop him from pursuing his athletic dreams.


Most liked

Thomas, Leishman tied atop Dell leaderboard
SHORT SHOTS: Jon Rahm , the 36-hole leader, didn't have a great weekend, but he hangs in there for a tie for fourth at 12 under. Despite the win, Thomas will still trail Spieth in the FedEx Cup standings heading into the BMW Championship in Chicago.

Italian Grand Prix 2017: What did we learn from today's race?
The only consolation for Vettel came through his ability to secure third place, having started the race from sixth. Just after Bottas set the leading time, Hamilton had a faster pace before dropping time in the final sector.

What We Learned From Michigan's 33-17 Win Over Florida
But things only got worse. "I think we have a chance to grow and I believe we will". "And we never had an answer". 2014 vs. Franks was replaced Saturday primarily to give a different look for Michigan's defense, not because of his performance.

Xiaomi Mi 7 to pack Snapdragon 845 SoC, 8GB RAM
When September 11 comes, we will know exactly how Xiaomi have made the most of the space on the smartphone. Other expected specifications include 6 GB of RAM and a sizeable 4,400 or 4,500 mAh battery.

Palace Announces Prince William, Kate Expecting Third Child
However, Prince Harry will be pushed further down the line of succession by his newest nephew or niece. This is published unedited from the PTI feed . "She is being cared for at Kensington Palace".

UN Security Council condemns N. Korea missile launch
O'Shaughnessy, Pacific Air Forces commander, who just returned from an unscheduled visit to Japan to meet with his counterparts. So the question is whether North Korea will put some checks on itself as it seeks to expand its weapons tests in the Pacific.

Bama uses familiar recipe to beat Florida State
Hurts answered those doubters in the second quarter when he hit receiver Calvin Ridley in stride for a 53-yard touchdown pass. Coach Jimbo Fisher said Blackman will get the nod when the Seminoles host Louisiana-Monroe on Saturday in Tallahassee, Fla.

U.S. orders Russian Federation to close 3 diplomatic buildings
The State Department in its tweet claimed that the decision was an act to achieve parity. Trump (R) meet on the sidelines of the G20 summit in Hamburg, Germany, 07 July 2017.

Rescue missions by Texas National Guard continue in Houston
On Sunday morning's supply mission, they delivered 8,200 pounds of food and water to Liberty County and Chambers County. The Oklahoma National Guard is increasing its support of relief efforts in Texas following Hurricane Harvey.

US Open R16 Preview: Four Slam champions on Super Sunday
Sevastova wobbled when she dropped serve on a double fault in the fourth game but quickly regained her composure. Navarro, though, held on and scored multiple breaks to take the second set and push it to three.

Tim Howard Rips US Fans After Disappointing Loss
Herculez Gomez and Kasey Keller reflect on the U.S.'s psyche after their crushing defeat ahead of a crucial Honduras clash. The Yanks will also know that a couple poor performances can put qualifying for the 2018 World Cup in jeopardy.

Five takeaways from India's 5-0 whitewash of Sri Lanka
Earlier, he was tied at 99 stumping in the 50-over format with legendary Sri Lankan keeper Kumara Sangakkara. Only Indian superstar Sachin Tendulkar is above the pair on the all-time list of ODI hundreds with 49.

Temple Student Found Brutally Murdered After Leaving Bar With Suspect
A roommate reported to police that it looked like someone had tried to cover up blood stains in parts of the home. This weekend's charges were the most violent ascribed to Hupperterz but not his first in Northeast Pennsylvania.

IRS reportedly working with Mueller on Trump probe
Comey confirms that the FBI is investigating alleged ties between Trump's election campaign team and the Russian government. The acting director at the time , Andrew McCabe, later denied that the bureau had lost faith in Comey before his firing.

Trump, Moon agree to increase Seoul's missile capabilities over South Korean threats
The White House said earlier the United States president also approved planned South Korean purchases of billions of dollars in U.S. military equipment to counter the North.