With Janet Yellen’s term as Federal Reserve chair set to expire in January 2018, there has already been plenty of discussion about who might replace her.
President Donald Trump said earlier this summer that said that keeping Yellen as Fed chair is certainly a possibility, but added that Gary Cohn, who currently serves as the White House National Economic Council Director, is also a possibility to lead the Fed.
As it turns out, Trump will have more than Yellen’s position to fill, as the Fed announced Wednesday that Vice Chair Stanley Fischer plans to resign in October.
Fischer’s term as vice chair was not due to expire until June 12, 2018. His term as a Fed governor was not set to expire until Jan. 31, 2020.
In a letter sent to Trump, Fischer said simply that he is resigning for “personal reasons,” on or around Oct. 13, 2017.
President Barack Obama nominated Fischer to the Fed Board of Governors and to the post of vice chairman on Jan. 13, 2014.
Fischer was confirmed as a Board member on May 21, 2014 and sworn in as a Board member on May 28. Yellen then swore Fischer in as vice chair on June 16.
“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,” Fischer said in his letter to Trump.
“During my time on the Board, the economy has continued to strengthen, providing millions of additional jobs for working Americans,” Fischer continued. “Informed by the lessons of the recent financial crisis, we have built upon earlier steps to make the financial system stronger and more resilient and better able to provide the credit so vital to the prosperity of our country’s households and businesses.”
Fischer was previously governor of the Bank of Israel from 2005 to 2013. Prior to his time with the Bank of Israel, Fischer was vice chairman of Citigroup. Fischer served as the first deputy managing director of the International Monetary Fund from September 1994 through August 2001. From January 1988 to August 1990, he was the chief economist of the World Bank.
“Stan’s keen insights, grounded in a lifetime of exemplary scholarship and public service, contributed invaluably to our monetary policy deliberations,” Yellen said in a statement.
“He represented the Board internationally with distinction and led our efforts to foster financial stability,” Yellen continued. “I’m personally grateful for his friendship and his service. We will miss his wise counsel, good humor, and dry wit.”
