Stanley Fischer, vice chairman of the Federal Reserve Board of Governors, has resigned effective Oct. 13, the central bank announced Wednesday. He joined the board in May 2014; his term was scheduled to end in January 2020.
In a statement, Fed Chairman Janet Yellen said the 73-year-old Fischer “contributed invaluably to our monetary policy deliberations,” and led the board’s efforts to foster financial stability.
In his resignation letter to President Donald Trump, Fischer noted the “great privilege to served on the Federal Reserve Board and, most especially, to work alongside Chair Yellen.” He stated that the Fed, informed by lessons of the recent financial crisis, “built upon earlier steps to make the financial system stronger and more resilient an better able to provide the credit so vital to the prosperity of our country’s households and businesses.”
There are now three seats open on the central bank’s board; Fischer’s resignation would leave four. However, the Senate Banking Committee Thursday is scheduled to consider the nomination of Randal Quarles to be a member of the board, as vice chairman for supervision. The other current members of the board (in addition to Yellen) are Govs. Lael Brainerd and Jerome Powell.