Fed Vice Chair Fischer Stepping Down, Citing 'Personal Reasons'

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Fischer said his resignation will take effect October 13 and cited "personal reasons" for his departure. Fischer, 73, whose term was set to expire in 2020, cited personal reasons for his departure. In his resignation letter, Fischer said it has been a "great privilege to serve on the Federal Reserve Board, and, most especially, to work alongside Chair Yellen". "Informed by the lessons of the recent financial crisis, we have built upon earlier steps to make the financial system strong and more resilient and better able to provide credit so vital to the prosperity of our country's households and businesses".

The term of Federal Reserve Chair Janet Yellen is also due to expire in 2018 and it is unclear whether President Donald Trump will reappoint her. His unexpected departure adds to a leadership vacuum at the top of the Fed as it navigates a hard path.

Mr. Trump has nominated Randal K. Quarles as the Fed's vice chairman for supervision - a different job than that held by Mr. Fischer - but the Senate has yet to vote.

The resignation of Stanley Fischer, 73, creates another vacancy on the council that oversees the USA central bank.

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

Fischer is an elder statesman of American finance. He represented the Board internationally including at the Financial Stability Board, the Bank for International Settlements, the Group of 20, the Group of Seven, the International Monetary Fund, and the Organisation for Economic Co-operation and Development.

Fischer, who was born in Zambia and educated in London, was nominated to the Fed by President Barack Obama after serving as the governor of the Bank of Israel from 2005 to 2013.

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