Home » Money

Fed Vice Chairman Stanley Fischer submits resignation for "personal reasons"

07 September, 2017, 01:25 | Author: Paula Vaughn
  • Stanley Fischer is stepping down as vice chair of the US Federal Reserve

Stanley Fischer, the vice chairman of the Federal Reserve, announced Wednesday he will retire next month, creating a third vacancy for President Donald Trump to fill at the USA central bank.

"It has been a great privilege to serve on the Federal Reserve Board and, most especially, to work alongside Chair [Janet] Yellen as well as many other dedicated and talented men and women throughout the Federal Reserve System", Fischer wrote.

Fischer's term as vice chairman was set to expire on June 12 next year, while he was scheduled to be a member of the Board until January 31, 2020.

Fischer cited personal reasons in his letter to Trump, with his health possibly the cause. The Senate is expected to vote tomorrow on the nomination of Randal Quarles, who was appointed by President Trump to serve as the Fed's vice chairman for supervision.

We are certain that Yellen too intends to head for Disney by February, leaving Trump to a number of unfilled Fed positions.

Xiaomi Mi MIX 2 Has Entered Mass Production
We've collated all the specs, feature and release date rumours, so you're up to date on the imminent release from Xiaomi . Besides this, the screenshots also reveal the presence of 4400mAh battery in the Mi Mix 2 , along with a 20MP rear camera.

The U.S. central bank is slowly raising interest rates as the economy grows and unemployment falls.

Fischer's resignation from the Federal Reserve Board will be effective on or around October 13, according to a statement from the Fed. It is possible that Trump will reappoint Yellen but National Economic Council Director Gary Cohn has also been floated as a possibility.

Former Board of Governors member Daniel Tarullo stepped down in April.

Reports earlier this year suggested that a leading candidate for one of the other vacant slots is Marvin Goodfriend, an economics professor at Carnegie Mellon University in Pittsburgh. He also taught economics at MIT for more than 20 years-former Fed chairman Ben Bernanke was a student. The bank is headquartered in Indiana, Vice President Mike Pence's home state.

Recommended:

  • Coleman: Woodburn can become a 'great' player

    Coleman: Woodburn can become a 'great' player

    It was a necessary intervention, allowing Chris Coleman's side to force their way back into the reckoning for World Cup qualification .
    'N. Korea to Stockpile 1Mn Tons of Oil in Preparation of Sanctions'

    'N. Korea to Stockpile 1Mn Tons of Oil in Preparation of Sanctions'

    The UNSC on Tuesday strongly condemned North Korea's firing of the ballistic missile, calling it an "outrageous" threat. Questions remain over whether Pyongyang has miniaturized its weapons and whether it has a working hydrogen bomb.
    'US never out of diplomatic solutions on N Korea'

    'US never out of diplomatic solutions on N Korea'

    So the question is whether North Korea will put some checks on itself as it seeks to expand its weapons tests in the Pacific. Tensions between America, North Korea, and the hermit state's regional neighbors have been rising for months.
  • GBBO: The best reactions from last night's episode

    GBBO: The best reactions from last night's episode

    Episode one pulled in 6.5 million viewers, more than double the number Channel 4 had previously said it would need to break even. Overnight figures show that the inaugural episode of the new-look season, which aired at 8 p.m.
    LA Times parent buying The New York Daily News

    LA Times parent buying The New York Daily News

    Tronc's other newspapers include the Baltimore Sun , the Hartford Courant and the San Diego Union-Tribune. At that time , the newspapers and the broadcast properties were split into separate companies.
    US, South Korea Speak After NKorea's Nuclear Test

    US, South Korea Speak After NKorea's Nuclear Test

    Later on Sunday, Russian President Vladimir Putin was set to meet his Chinese counterpart Xi Jinping in China . French President Emmanuel Macron urged the United Nations Security Council to react quickly and decisively.
  • Tropical Storm Jose expected to become hurricane

    Hurricane Irma strengthened as it hit the Caribbean on Wednesday with "unprecedented intensity", claimed reports . Florida , Puerto Rico , and other Caribbean islands are expecting to take the brunt of the storm.
    Redskins Talked Su'a Cravens Out of Retiring

    Redskins Talked Su'a Cravens Out of Retiring

    Cravens reportedly went through a similar situation as a rookie, no-showing for 1.5 days before the Redskins had to lure him back. Football has always been a risky sport, but recent research has provided insight into how life-threatening the game can be.
    Thomas bags Boston for 5th title of season

    Thomas bags Boston for 5th title of season

    The field will now be cut from the top 100 points leaders to the top 70 for the BMW Championship, starting on 14 September. SHOT OF THE DAY: This incredible approach from the rough at No. 13 led to a birdie and was the catalyst to Thomas' win.
  • Russian Federation  could seek separate United Nations  resolution on North Korea

    Russian Federation could seek separate United Nations resolution on North Korea

    South Korea has claimed that the North is making preparations for another ICBM test. Trump is "not my bride", Putin said (via the AP) "and I'm not his groom".
    Georgia Tech vs. Jacksonville State

    Georgia Tech vs. Jacksonville State

    Considering the amount of time they held the ball, and their domination early on, the Yellow Jackets should be sitting at 1-0. Soon afterward, Dormady countered by capping Tennessee's 70-yard march to the end zone with a 10-yard pass to Callaway.
    Pliskova Powers Into US Open QFs, CoCo, Keys Advance; Venus-Kvitova Tuesday

    Pliskova Powers Into US Open QFs, CoCo, Keys Advance; Venus-Kvitova Tuesday

    Venus Williams and Sloane Stephens had continued to fly the flag all the way to the quarters in the bottom half of the draw. This time, she took the lead 4-0 against an opponent obviously nervous, and then she won the second round even more uneven.


Popular

Position made the Virginia Tech game
Former Virginia Tech coach Frank Beamer, who will help with the coin toss, spoke with NCAA.com on the renewal of the rivalry. Even with the quarterbacks, the start was all about defense, as Virginia Tech took a narrow 10-7 lead into the half.

Time Warner Cable Customer Records Exposed
The BroadSoft data was not properly configured to allow public access in AWS, Kromtech said. The company encouraged users of its MyTWC app to change their log-in information.

Muslim nations calls Myanmar to stop Rohingya persecution
Satellite images have revealed an entire village in Myanmar burned to the ground amid the country's ongoing violence that erupted in August.

BRICS leaders condemn NoKor's nuke test
There would be regular exchanges and meetings between their foreign ministers and United Nations representatives, he said. BRICS consists of Brazil, Russia, India, China and South Africa.

Florida State QB Deondre Francois out for the season
After an Alabama three-and-out, Florida State took over from its own 30-yard line with 55 seconds remaining in the second quarter. When Tide running backs Bo Scarbrough and Damien Harris tried to run up the middle, there was practically nowhere for them to go.