Stanley Fischer resigns as vice chairman of the Federal Reserve

Stanley Fischer resigns as vice chairman of the Federal Reserve

Fischer will retire from the Board of Governors by October 13 for "personal reasons", leaving his leadership post one year early and cutting his general term with the Fed two years short.

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

His term as Vice Chairman expires next June.

"During my time on the Board, the economy has continued to strengthen, providing millions of additional jobs for working Americans", he wrote. He also said he was proud to have made the financial system stronger and more resilient after the financial crisis. His unexpected departure adds to a leadership vacuum at the top of the Fed as it navigates a hard path.

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

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.

Xiaomi Mi A1 Leak 'Confirms' A Big Surprise
The device benefits from the Qualcomms Quick Charge 4 technology for faster and efficient charging through USB Power Delivery. There are claims that the Mi 7 might have an in-screen fingerprint sensor but the chances for the same appear to be bleak.

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

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.

It has been a great privilege to serve on the Federal Reserve Board and, most especially, to work alongside Chair Yellen as well as many other dedicated and talented men and women throughout the Federal Reserve System. Economists polled by Bloomberg expect him to pick someone else.

He previously served as governor of the Bank of Israel from 2005 through 2013.

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