Fed Vice Chair Fischer Submits Resignation, Effective Oct 13

By Karen Mracek

     WASHINGTON (MNI) - Federal Reserve Vice Chair Stanley Fischer submitted his

resignation from the Board of Governors Wednesday citing personal reasons, the

Fed said in a statement.

     Fischer, who has been a governor since May 28, 2014, will resign effective

on or around Oct. 13, 2017. His resignation will leaves three more governor

position for President Donald Trump to fill, even with the nomination of Randal

Quarles earlier this year.

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

public service, contributed invaluably to our monetary policy deliberations,"

Fed Chair Yellen said in the statement. 

     "He represented the Board internationally with distinction and led our

efforts to foster financial stability," she said. "I'm personally grateful for

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

dry wit."

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

unexpired term ending Jan. 31, 2020. His term as vice chairman expires on June

12, 2018.

     In his resignation letter, Fischer said it was a privilege to serve and

work with Yellen. He also said "During my time on the Board, the economy has

continued to strengthen, providing millions of additional jobs for working

Americans."

--MNI Washington Bureau;tel: +1 202 371-2121; email: karen.mracek@marketnews.com

[TOPICS: MMUFE$,M$U$$$,MT$$$$]