Fed: Fischer Submits Resignation Effective Oct. 13 -TEXT

     WASHINGTON (MNI) - The following is the full text of a press release issued

by the Federal Reserve Wednesday regarding Vice Chair Stanley Fischer's

resignation: 

     Stanley Fischer submitted his resignation Wednesday as Vice Chairman and as

a member of the Board of Governors of the Federal Reserve System, effective on

or around October 13, 2017. He has been a member of the Board since May 28,

2014.

     "Stan's keen insights, grounded in a lifetime of exemplary scholarship and

public service, contributed invaluably to our monetary policy deliberations. He

represented the Board internationally with distinction and led our efforts to

foster financial stability," said Chair Janet L. Yellen. "I'm personally

grateful for his friendship and his service. We will miss his wise counsel, good

humor, and dry wit."

     Dr. Fischer, 73, was appointed to the Board by President Obama for an

unexpired term ending January 31, 2020. His term as Vice Chairman expires on

June 12, 2018. During his time on the Board, he served as chairman of the

Board's Committee on Financial Stability as well as the Committee on Economic

and Financial Monitoring and Research. 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.

     Before joining the Board, Dr. Fischer was governor of the Bank of Israel,

from 2005 to 2013. He was vice chairman of Citigroup from February 2002 to April

2005. He served as 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. He was a professor of economics at the

Massachusetts Institute of Technology from 1977 to 1999 and associate professor

from 1973 to 1977. Prior to joining the faculty at MIT, he was an assistant

professor of economics and postdoctoral fellow at the University of Chicago.

     Dr. Fischer was born in Lusaka, Zambia, in October 1943. He received his

B.Sc. and M.Sc. in economics from the London School of Economics. He received

his Ph.D. in economics from the Massachusetts Institute of Technology in 1969.

     Dr. Fischer is married with three adult children.

     A copy of his resignation letter is attached.

--MNI Washington Bureau; +1 202-371-2121; email: jean.yung@marketnews.com

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