Fed Vice Chairman Fischer to Step Down

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

Federal Reserve Board Vice Chairman Stanley Fischer's surprise decision to resign in mid-October will enable President Trump to more rapidly reshape the Fed, paving the way for it to roll back post-crisis reforms.

Nichols noted that Fischer's departure leaves yet another open seat on the Federal Reserve board, which already has three vacancies in addition to the one Fischer will create.

His term as Vice Chairman expires next June.

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During his tenure at the Federal Reserve, he served as chairman of the Fed's committee on financial stability and the committee on economic and financial monitoring and research, and represented the Fed at global regulatory gatherings.

"Stan's keen insights, grounded in a lifetime of exemplary scholarship and public service, contributed invaluably to our monetary policy deliberations", Yellen said in Wednesday's statement. He is a dual citizen of the United States and Israel. He was vice chairman of Citigroup from February 2002 to April 2005. (C) for almost three years. He represented the Board internationally including at the Financial Stability Board, the Bank for International Settlements, the Group of 20, the Group of Seven, the International Monetary Fund, and the Organisation for Economic Co-operation and Development.

Trump in July chose the investor and former Treasury Department official Randal Quarles to join the Fed as vice chair for supervision in a further sign the White House may promote continuing deregulation of the financial sector.

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Fischer's role as vice chairman meant he had an influential position, assisting and advising Yellen.

The 73-year-old will step down on October 13, almost a year before his term as vice chair was due to expire and two and a half years before the end of his term on the Fed's board of governors, the Fed said in a statement.

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