Fed’s No. 2 man quits

The vice chairman of the Fed’s Board of Governors has announced his resignation in a letter to the president

Fed’s No. 2 man quits
The vice chairman of the Federal Reserve Board of Governors, has submitted his resignation.

In a letter to President Donald Trump, Stanley Fischer, the number-two person at the Fed, cited “personal reasons” for the resignation, which will be effective on or around Oct. 13.

Fischer was appointed to the board by President Barack Obama. His terms as vice chairman didn’t end until June of 2018, and his term as a board member wasn’t set to expire until Jan. 31, 2020. During his time on the board, Fischer served as chairman of its Committee on Financial Stability and its Committee on Economic and Financial Monitoring and Research.

Prior to his appointment to the Fed, Fischer was governor of the Bank of Israel. He has also served as the vice chairman of Citigroup and the first deputy managing director of the International Monetary Fund.

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

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