Sooner than expected, President Donald Trump will have an opportunity to shape US monetary policy with the announcement Wednesday that Federal Reserve Vice Chairman Stanley Fischer is resigning effective in mid-October.
Fischer said his resignation will take effect October 13 and cited "personal reasons" for his departure.
On May 21, 2014, the US confirmed Fischer's appointment to the Federal Reserve Board of Governors. The resignation comes about nine months before Fischer's term as vice chairman was set to expire.
Fischer has been highly influential at the Fed.
Trump has said he is also weighing whether to name his current senior economic advisor Gary Cohn as Fed chair, replacing Janet Yellen, whom he has also said he may keep in place. We expect that Dudley could be offered the Vice Chair position but believe he likely stays at the NY Fed, though Potter could assume the NY Fed President role. 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. He also taught economics at MIT for more than 20 years-former Fed chairman Ben Bernanke was a student.
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In addition to the pending vacancies at the top of the Fed, there are now three vacancies on the Fed's Board of Governors, who along with five rotating regional Fed chairs comprise the 12-member FOMC.
A longtime professor of economics at the Massachusetts Institute of Technology, Mr Fischer previously was a governor at the Bank of Israel and vice-chairman at Citigroup.
In July, Trump appointed Randal Quarles to the Fed's Board of Governors.
"The strength of the financial system is absolutely essential to the ability of the economy to continue to grow at a reasonable rate, and taking actions which remove the changes that were made to strengthen the structure of the financial system is very unsafe", Fischer said in April.
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