Fed Vice President Fischer resigns

Ben Bernanke Participates In IMF Research Conference

The U.S. dollar fell against a basket of currencies on Wednesday after Federal Reserve Vice Chairman Stanley Fischer said he was resigning.

Mr. Fischer, a respected economist and former head of the Bank of Israel, said his resignation was due to personal reasons and would be effective on or around October 13.

Fischer, 73, cited the Federal Reserve's work to stabilize the USA financial system in the wake of the global 2008 financial crash. Quarles' nomination is still pending before the Senate.

"The resignation of Fed Vice-Chairman Stanley Fischer adds further uncertainty to the already murky outlook for the future of the central bank's leadership", says Royce Mendes at CIBC World Markets.

He previously served as governor of the Bank of Israel from 2005 through 2013.

In addition to the pending vacancies at the top of the Fed, there are now three vacancies on the Fed's Board of Governors, who along with five rotating regional Fed chairs comprise the 12-member FOMC.

"It would be easier to keep her around", Swonk said.

Reports have indicated that Yellen and Trump's chief economic advisor Gary Cohn, formerly the president and COO at Goldman Sachs (GS), are the top two candidates for the role.

Currently, three other seats on the seven-member Board of Governors are vacant, and Chairwoman Janet Yellen's term expires in February.

Mr Fischer is a former economics professor at the Massachusetts Institute of Technology.

Fischer used his resignation letter to offer a summation of what he sees as the Fed's accomplishments during his tenure as vice chair. In congressional testimony in March, he endorsed a move being pushed by Republican lawmakers to require the Fed to follow a rules-based approach to setting interest rate policy.


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