Fed Vice Chairman Fischer to resign for 'personal reasons'

Fed Vice Chair Stepping Down in October

Fed Vice Chair Stepping Down in October

Paul Ashworth, chief USA economist with Capital Economics, said Fischer's abrupt departure could signal that Yellen, a close ally of the vice chairman, is unlikely to be renominated for a second term when her current tenure ends in February.

Mr. Fischer has been a close ally of Fed Chairwoman Janet Yellen, whose term in the top job expires in early February. His departure will remove an influential voice at a time when the central bank appears divided on the need to hike interest rates again this year despite lower-than-desired inflation.

The vice president of the US Federal Reserve Stanley Fischer announced his resignation on Wednesday.

Fischer, 73, cited the Federal Reserve's work to stabilize the US financial system in the wake of the global 2008 financial crash. He's also been a powerful advocate for maintaining postcrisis financial regulations that the Trump administration wants to roll back.

On May 21, 2014, the USA confirmed Fischer's appointment to the Federal Reserve Board of Governors.

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In a recent speech, Yellen delivered a forceful defense of Wall Street reforms put in place after the crisis, widely seen as a direct contradiction of Trump's position which could cause her to lose favor in the White House.

Fischer is an elder statesman of American finance. Yellen and Director of the National Economic Council Gary Cohn are among contenders to lead the central bank next year, according to USA media.

Mr. Trump has nominated Randal Quarles for one of the vacancies as vice chairman for bank supervision.

He also served as governor of the Bank of Israel from 2005 to 2013. He has worked as a chief economist at the World Bank and taught economics at MIT. Fischer's "encyclopedic knowledge of economics, outstanding judgment, quiet leadership, and his perennial good humor has helped policy makers around the world", he said.

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