U.S. Federal Reserve Vice Chairman Stanley Fischer will step down from his post in October, citing personal reasons for his decision in a letter of resignation to President Donald Trump.
This announcement comes several months ahead of the end of Fischer’s term. The central bank's second-in-command was scheduled to exit his post in June, the Wall Street Journal reports. The 73-year-old was appointed to his position during President Barack Obama's time in office in 2014. Prior to that he served as the governor of the Bank of Israel between 2005 and 2013.
“It has been a great privilege to serve on the Federal Reserve Board and, most especially, to work alongside Chair [Janet] Yellen …,” Fischer wrote in his resignation letter, dated Sept. 6. “During my time on the Board, the economy has continued to strengthen, providing millions of additional jobs for working Americans.”
Fed Chair Janet Yellen’s term is set to expire in February, though Trump mentioned taking her renomination under review.
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