Fischer's departure expedites Trump's overhaul of Fed leadership

Posted September 07, 2017

Fischer, 73, cited "personal reasons", for his resignation, which will take effect October 13.

The Federal Reserve will lose an influential centrist with the resignation of Vice Chairman Stanley Fischer, according to a letter sent Wednesday to President Donald Trump.

Fischer's term was set to expire in June 2018 and his tenure on the Fed was slated to end in January 2020. The resignation comes about nine months before Fischer's term as vice chairman was set to expire. "In a recent interview with the Financial Times, Fischer was highly critical of Republican efforts to loosen the post-crisis regulatory regime". We are certain that Yellen too intends to head for Disney by February, leaving Trump to a number of unfilled Fed positions.

In a note to clients on Wednesday, Paul Ashworth, chief USA economist at Capital Economics, wrote that Fischer's resignation "presumably lowers the odds of [Yellen] being nominated for a second term [as Fed Chair]". 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.

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Goodfriend, 66, worked for more than 20 years at the Richmond Fed and is seen as a leading hawkish voice on monetary policy.

Former Board of Governors member Daniel Tarullo stepped down in April.

With an academic approach to policymaking, born of professorship at the Massachusetts Institute of Technology and University of Chicago, Fischer had contributed a more moderate perspective on interest rate hikes and voted for the Federal Open Market Committee's monetary policy action. If confirmed, Quarles would lead the Fed's regulatory supervision of Wall Street banks.

Before joining the Board, Mr. Fischer was governor of the Bank of Israel, from 2005 to 2013.