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Stanley Fischer steps down as Fed vice chairman

Stanley Fischer steps down as Fed vice chairman

The vice chairman of the US Federal Reserve, Stanley Fischer, said Wednesday he is resigning from the post for personal reasons.

In view of the replacement of USA economic leadership planned by President Donald Trump, however, the likelihood that Fischer would be appointed was brought into question.

As Yellen's current term expires in February next year, Trump has also begun the search for the next Fed Chair.

In his two-paragraph letter to the president, Fischer hailed the USA economy's progress and the Fed's reforms to make the financial system more resilient. "Informed by the lessons of the recent financial crisis, we have built upon earlier steps to make the financial system strong and more resilient and better able to provide credit so vital to the prosperity of our country's households and businesses".

In his letter to the president, Fischer said "It has been a great privilege to serve on the Federal Reserve Board and, most especially, to work alongside Chair [Janet] Yellen as well as many other dedicated and talented men and women throughout the Federal Reserve system". Fed watchers had thought he would step down, but had not expected it to be so soon. Were Trump not to nominate Yellen for a second term, it would mark the first time since 1978 that a sitting Fed chair was not renominated by a new president.




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

His departure will leave four of the seven seats on the Fed Board vacant.

Quarles' nomination is scheduled to be voted on by the Senate Banking Committee on Thursday.

Fischer is an elder statesman of American finance. He also served as the chief economist of the World Bank.

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