"It has been a great privilege to serve on the Federal Reserve Board and, most especially, to work alongside Chair Yellen", Fischer wrote. His unexpected departure adds to a leadership vacuum at the top of the Fed as it navigates a hard path. He helped shape regulatory policy keeping banks in check and accountable, and he stands by the Fed's approach even as Trump considers alternatives.
Mr. Fischer, 73, cited "personal reasons" in a short resignation letter to President Trump.
White House Defends Trump's Proposal to Cut Disaster Relief Budget
A senior House Republican, who spoke on condition of anonymity because the deliberations were private, disclosed the approach. Mr Sanders said Mr Trump wanted suggestions from the White House press corps about how to spend the money.
In it, Fischer indicated that during his time on the Board the economy had continued to strengthen and that, informed by the lessons of the last financial crisis, policymakers had built on previous steps to make the financial system more resilient and better able to provide the credit which was so vital for the prosperity of the US.
Quarles' nomination is scheduled to be voted on by the Senate Banking Committee on Thursday.
Trump is expected to nominate a Fed chair in February when Yellen's term expires.
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.
In the interview with the Wall Street Journal, Trump said he had a "lot of respect" for Yellen and would consider asking her to serve another term. Before entering the world of finance, he was a professor of economics at the Massachusetts Institute of Technology from 1977 to 1999 and associate professor from 1973 to 1977.
Goodfriend, 66, worked for more than 20 years at the Richmond Fed and is seen as a leading hawkish voice on monetary policy. Before that, Fed officials hadn't voted for a rate hike in almost a decade.
Another potential nominee for a board seat is Robert G. Jones, the chairman and chief executive of Old National Bancorp.
North Korea appears to have conducted nuclear test, South Korea says
North Korea leader Kim Jon Un speaks with scientists in a handout picture reporting to show the development of an atomic bomb. The regime is believed to have more than a dozen nuclear weapons and is now working to miniaturize one to fit on a missile.