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Federal Reserve Vice Chairman Stanley Fischer announces resignation

Federal Reserve Vice Chair Stanley Fischer, pictured October 9, 2014, said in a speech that the ingredients for a global slowdown exist, though he stressed that it was still hardly clear how they will evolve
Jim Watson (AFP/File)
Fischer, a dual Israeli-US national, was formerly governor of Bank of Israel

US Federal Reserve Vice Chairman Stanley Fischer is to resign next month for "personal reasons", the Associated Press reported Wednesday.

Fischer, a dual US-Israeli national, was governor of the Bank of Israel from 2005 until 2013.

In a letter of resignation, Fischer said he was stepping down for unspecified "personal reasons" and cited the central bank's work to stabilize the US financial system following the 2008 global financial crisis.

The 73-year-old will step down on October 13, two and a half years before his mandate expires, the Fed said in a statement.

The resignation creates a third vacancy for President Donald Trump to fill at the US central bank.

Trump in July chose the investor and former Treasury Department official Randal Quarles to join the Fed as vice chair for supervision in a further sign the White House may promote continuing deregulation of the financial sector.

Trump has said he is also weighing whether to name his current senior economic advisor Gary Cohn as Fed chair, replacing Janet Yellen, whom he has also said he may keep in place.

In a recent speech, Yellen delivered a forceful defense of Wall Street reforms put in place after the crisis, widely seen as a direct contradiction of Trump's position which could cause her to lose favor in the White House.

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

(Staff with AFP)

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