Federal Reserve Vice Chair Stanley Fischer, a veteran central banker who helped set the course for modern monetary policy, said on Wednesday he will step down from his position in mid-October, potentially accelerating President Donald Trump’s opportunity to reshape the direction of the central bank.
In a letter to Trump, Fischer, 73, said he was resigning for personal reasons effective on or around Oct. 13, many months before the June, 2018, expiry of his term as vice chair.
In the letter, Fischer said jobs growth had returned to the United States and that “steps to make the financial system stronger and more resilient” had been taken — actions that may now be weakened by the Trump administration.
His departure leaves the seven-person board of governors with as few as three sitting members, depending on whether and when the Senate confirms Trump nominee Randal Quarles to the role of vice chair for supervision, a job distinct from Fischer’s vice chairmanship.
The Senate Banking Committee is scheduled to vote on the nomination on Thursday.
Though the Fed often operates with fewer than its full complement of seven governors, it has never dipped as low as three.
Stanley Fischer Quits No. 2 Post At Federal Reserve