Fed Vice President Fischer resigns

Janet Yellen's No. 2 at the Fed is stepping down

Federal Reserve Vice Chairman Stanley Fischer's decision to resign will leave President Donald Trump with a Fed Board of Governors that has more vacancies than occupants.

Fischer said his resignation will take effect October 13 and cited "personal reasons" for his departure.

Chair Yellen's term expires early next year and President Trump has been reluctant to confirm whether or not she will be re-appointed.

Fed Chair Janet Yellen said Fisher would be missed. Yellen's predecessor, Ben Bernanke, served two terms from 2006-2014, spanning both the Bush and Obama presidencies.

In his two-paragraph letter to the president, Fischer hailed the US economy's progress and the Fed's reforms to make the financial system more resilient.

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.

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

Fischer is a widely respected economist who taught at MIT and was head of the Bank of Israel for eight years.

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

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.

He led the Fed's Committee on Financial Stability and Committee on Economic and Financial Monitoring and Research and represented the body at the Group of 20, Group of Seven and other global forums.

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