Federal Reserve Vice Chairman Stanley Fischer announced his resignation Wednesday in a letter to President Trump citing “personal reasons.”
“It has been a great privilege to serve on the Federal Reserve Board and, most especially, to work alongside Chair Yellen, as well as many other dedicated and talented men and women throughout the Federal Reserve System. During my time on the Board, the economy has continued to strengthen, providing millions of additional jobs for working Americans,” Mr. Fischer wrote in a statement.
Mr. Fischer has been at the Fed for three years with his term set to expire in June 2018. His vacancy creates another opening for President Trump to nominate someone. Fed Chair Janet Yellen’s term is set to expire in February 2018, but she has said she’d be willing to stay another term if asked. Mr. Trump already nominated Randal K. Quarles, founder of the private investment firm The Cynosure Group, to an opening earlier this year.
This comes at a crucial time for the Fed, which is starting to “normalize” its $4.5 trillion balance sheet accrued in wake of the financial crisis.
• Sally Persons can be reached at spersons@washingtontimes.com.
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