Economics
Fischer to Step Down in Mid-October as Fed Vacancies Mount
- He’s departing ahead of expiration of vice chair term in June
- Tells Trump that steps taken since crisis made system stronger
Fischer Resigns After Three Years as Fed Vice Chair
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Federal Reserve Vice Chairman Stanley Fischer has resigned effective in mid-October, giving President Donald Trump scope to start reshaping the leadership of the U.S. central bank sooner than expected and clouding the longer-term outlook for monetary policy.
Fischer, 73, was appointed to the Fed by President Barack Obama in 2014 to a term as vice chair that would have expired in June 2018. He cited “personal reasons” in a resignation letter Wednesday to Trump for leaving on or around Oct. 13. He will participate at the Federal Open Market Committee’s meeting later this month.