Economy

Fed Vice Chairman Stanley Fischer resigns

Fed Vice Chairman Stanley Fischer resigns”

Federal Reserve Board Vice Chairman Stanley Fischer will resign from the central bank next month, he told President Trump in a letter on Wednesday.

Fischer's resignation will be effective on or around 13 October.

Stanley Fischer, the vice chair of the USA central bank, has resigned a year before his term was due to end, citing "personal reasons".

Mr Fischer was appointed by former President Barack Obama in 2014 and his term would normally have ended in June 2018.

Fischer has served at the Fed for three years. When Congress pressed her in July on whether she would stay if Trump asked her to do so, Yellen said only that she would talk with the president on the matter.

The central bank is preparing to start unwinding the $4.5 trillion balance sheet it built up by buying bonds and other assets after the recession.

Fischer is widely considered a centrist on monetary policy whose views were closely aligned to Chair Yellen's. "He represented the Board internationally with distinction and led our efforts to foster financial stability", said Chair Janet L. Yellen. "I'm personally grateful for his friendship and his service". 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.



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