Vice Chair Stanley Fischer Is Stepping Down from the Fed

Jon Howard
September 7, 2017

In view of the replacement of U.S. economic leadership planned by President Donald Trump, however, the likelihood that Fischer would be appointed was brought into question.

Yellen's term as Fed chair ends in February.

"Fischer is seen as a hawk on monetary policy, relative to the Fed chair, having advocated higher interest rates in response to the strengthening USA economy", Financial Times said. "We have built upon earlier steps to make the financial system stronger and more resilient".

In a letter to President Trump Mr Fischer, 73, said he would step down from the Federal Reserve "around 13 October". His unexpected departure adds to a leadership vacuum at the top of the Fed as it navigates a hard path.

Last month, Yellen spoke at the annual Jackson Hole Symposium, the year's top meeting of central bankers and economists from around the world, and gave an ardent defense of the US government and the Fed's regulatory response to the financial crisis.

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Goodfriend, 66, worked for more than 20 years at the Richmond Fed and is seen as a leading hawkish voice on monetary policy.

In July, Trump appointed Randal Quarles to the Fed's Board of Governors. "He represented the Board internationally with distinction and led our efforts to foster financial stability", Fed Chair Janet Yellen said in a statement. Trump has said that a renomination of Yellen is under consideration, though the White House is also looking at other candidates. Economists polled by Bloomberg expect him to pick someone else. Fischer has been described as an "elder statesman" of American finance.

Fischer had previously served as the governor of the Bank of Israel from 2005-2013, in addition to posts at Citi, the International Monetary Fund, and the World Bank.

At MIT in the 1970s, Fischer taught both Ben Bernanke, who decades later became Fed chair, and Mario Draghi, now the president of the European Central Bank.

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