Fed vicepresident Stanley Fischer tenders resignation

Posted September 07, 2017

"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.

Fed Chairwoman Janet Yellen will lose a close ally when Federal Reserve Vice Chairman Stanley Fischerresigns next month. Rate increases are a sign that the economy is improving.

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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.

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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.

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