Fed Vice Chairman Fischer to resign for personal reasons

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One of the top bankers at the US Federal Reserve said he will retire next month from its governing board, citing personal reasons.

In a letter to President Donald Trump, Fischer, 73, said he was resigning for personal reasons and that the effective date would be on or around october 13.

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In his two-paragraph letter to the president, Fischer hailed the USA economy's progress and the Fed's reforms to make the financial system more resilient. "Informed by the lessons of the recent financial crisis, we have built upon earlier steps to make the financial system stronger and more resilient and better able to provide the credit so vital to the prosperity of our country's households and businesses".

Fischer, 73, was appointed to the Fed by President Barack Obama in 2014 to a term as vice chair that would have expired in June 2018. Fed watchers had thought he would step down, but had not expected it to be so soon. Quarles' nomination is still pending before the Senate.

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Fed chair Janet Yellen's term expires in February. We believe the likely prospects of a Cohn Fed Chair led both Yellen and Draghi to rail against wholesale big bank deregulation at Jackson Hole in late August.

During his tenure at the Federal Reserve, he served as chairman of the Fed's committee on financial stability and the committee on economic and financial monitoring and research, and represented the Fed at worldwide regulatory gatherings. 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. He has worked as a chief economist at the World Bank and taught economics at MIT.

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