The second official from the top at the Federal Reserve, Stanley Fischer, turned in his resignation Wednesday, alluding to “personal reasons.”
Fischer is the vice chairman of the Federal Reserve and his resignation will be effective Oct. 13, giving President Trump some advance time to replace him.
The sudden resignation of Fischer comes approximately nine months ahead of the enormous task of choosing the next chairman of the Federal Reserve before February, along with replacing most of the central bank’s Board of Governors.
Fischer was appointed to his position in 2014 by then-President Obama, and would have likely been a hindrance to Trump in cutting back regulations on banks. Fischer has said Trump’s efforts to relax rules on big banks are “very, very dangerous.”
Fischer, 73, and was born in what is today Zambia. After serving as the governor of Israel’s central bank, he worked at Citigroup. He also made a name for himself as an economist, even training other economists who would go on to work in the world’s most prestigious banks.
Federal Reserve chairwoman Janet Yellen put out the following statement: “Stan’s keen insights, grounded in a lifetime of exemplary scholarship and public service, contributed invaluably to our monetary policy deliberations. He represented the Board internationally with distinction and led our efforts to foster financial stability.”
Fischer gave no specifics on the personal reasons for his abrupt resignation. In the letter he sent to Trump, he said that it was a “great privilege” to serve at the Federal Reserve and wrote that the economy has strengthened while the financial system has become “stronger and more resilient.”
If you would like to receive Breaking News text alerts on a smartphone or tablet, download the DML APP which is completely FREE and easy to use. Go to the Google Play Store or the IOS App Store and search for DML APP. Be sure to keep the app’s notifications setting on. Another way to receive alerts is to text to 40404 the following message: follow @realdennislynch (be sure to put a space between the word follow and the @ symbol).
To see more stories like this, sign up below for Dennis Michael Lynch’s email newsletter.
Sign up to get breaking news alerts from Dennis Michael Lynch.
De Blasio calls for less private property ownership