losangelesnewstoday.com
losangelesnewstoday.com November 19, 2017


Fed Vice Chair Stepping Down in October

07 September 2017, 01:54 | Katrina Lee

Janet Yellen's No. 2 at the Fed is stepping down

Stanley Fischer is stepping down as vice chair of the US Federal Reserve

In his letter of resignation, he said it was for personal reasons and did not elaborate.

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

Appointed to the board for an unexpired term finalising on 31 January, 2020, his term as vice chairman was due to expire on 12 June 2018. The resignation comes about nine months before Fischer's term as vice chairman was set to expire. I'm personally grateful for his friendship and his service. "You're talking about a lot of turnover when uncertainty about Fed policy is already high". Before the central bank started raising interest rates in late 2015, he was a key figure in the Fed's communication to the public and investors.

Janet Yellen's term as chair expires in February. Markets sometimes moved on his comments.

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Fischer is a widely respected economist who taught at MIT and was head of the Bank of Israel for eight years. Before that, he was vice chairman at Citigroup.

"The combination of his encyclopaedic knowledge of economics, outstanding judgment, quiet leadership and his perennial good humour has helped policymakers around the world to navigate one of the most challenging periods in the global economy". Trump's first Fed nominee, Randal Quarles as vice chairman of banking supervision, is expected to be approved by the Senate Banking Committee on Thursday, and he is likely to clear the full Senate soon thereafter.

Former Board of Governors member Daniel Tarullo stepped down in April. The Fed is talking about an interest rate hike, but the real bombshell is reining in the $4.5 trillion U.S. federal budget.

"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 risky", Fischer said in April.



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