Stanley Fischer, Fed's No. 2 Official, Is Stepping Down

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Stanley Fischer, the vice chair of the United States central bank, has resigned a year before his term was due to end, citing "personal reasons".

The 73-year-old will step down on Oct 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.

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.

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In a letter to President Donald Trump, Fischer, 73, said he was resigning for personal reasons and that the effective date would be on or around october 13. He has nominated Randal Quarles for one of the vacancies, as vice chairman for bank supervision. I'm personally grateful for his friendship and his service.

"During my time on the Board, the economy has continued to strengthen, providing millions of additional jobs for working Americans", Fischer wrote. Yellen's term expires in February. It was originally believed that Fischer was slated for appointment as chairman of the Fed. He also taught economics at MIT for more than 20 years-former Fed chairman Ben Bernanke was a student.

But with Fischer's soon-to-be-vacant seat, the president has the responsibility for nominating a candidate to the seven-member Board of Governors, and each much be confirmed by the Senate. In congressional testimony in March, he endorsed a move being pushed by Republican lawmakers to require the Fed to follow a rules-based approach to setting interest rate policy. Rate increases are a sign that the economy is improving. Before that, Fed officials hadn't voted for a rate hike in almost a decade.

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