Stanley Fischer resigns from Federal Reserve citing ‘personal reasons’

Federal Reserve Vice Chairman Stanley Fischer submitted his resignation, citing “personal reasons.”

Fischer, 73, who has been a member of the Federal Reserve’s board of governors and its vice chairman for more than three years, said his resignation is effective in October. His term as vice chairman had been set to expire in October 2018, and his term on the board of governors in 2020.

“Stan’s keen insights, grounded in a lifetime of exemplary scholarship and public service, contributed invaluably to our monetary policy deliberations. He represented the Board internationally with distinction and led our efforts to foster financial stability,” said Federal Reserve Chair Janet Yellen in a statement announcing Fischer’s resignation. “I’m personally grateful for his friendship and his service. We will miss his wise counsel, good humor and dry wit.”

Fischer, a dual US-Israeli citizen, was governor of the Bank of Israel from 2005 to 2013. He previously held senior positions at the World Bank and the International Monetary Fund. Prior to that he was a professor of economics at the Massachusetts Institute of technology.

His resignation leaves only three members on the seven-seat board of governors. Yellin’s four-year term ends in February at which time US President Donald Trump can either replace her or reappoint her for another term.

— JTA