Fed Vice Chairman Stanley Fischer submits resignation for "personal reasons"
- Author: Megan Austin Sep 07, 2017,
Sep 07, 2017, 1:56
His resignation will provide President Donald Trump with another opportunity to reshape the Fed.
Mr Fischer had served on the board of governors since 2014. Fischer, 73, whose term was set to expire in 2020, cited personal reasons for his departure. I'm personally grateful for his friendship and his service.
Janet Yellen's term as chair expires in February. We expect that Dudley could be offered the Vice Chair position but believe he likely stays at the NY Fed, though Potter could assume the NY Fed President role. Previously, he was vice chairman of Citigroup Inc. He also taught economics at MIT for more than 20 years-former Fed chairman Ben Bernanke was a student. "Having a complete board of governors, including members with banking experience, is important as the Fed moves forward with needed regulatory reforms and critical monetary policy decisions".
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Trump in July chose the investor and former Treasury Department official Randal Quarles to join the Fed as vice chair for supervision in a further sign the White House may promote continuing deregulation of the financial sector. He helped shape regulatory policy keeping banks in check and accountable, and he stands by the Fed's approach even as Trump considers alternatives. The Fed is talking about an interest rate hike, but the real bombshell is reining in the $4.5 trillion U.S. federal budget.
Since December 2015, the Fed has raised rates four times, including this March and June.
"The strength of the financial system is absolutely essential to the ability of the economy to continue to grow at a reasonable rate, and taking actions which remove the changes that were made to strengthen the structure of the financial system is very unsafe", Fischer said in April.