from TRU News:
Sooner than expected, President Donald Trump will have an opportunity to shape U.S. monetary policy with the announcement Wednesday that Federal Reserve Vice Chairman Stanley Fischer is resigning effective in mid-October.
Fischer’s resignation letter to the president states:
I am writing to inform you that for personal reasons it is my intention to resign from the Board of Governors of the Federal Reserve System on or around October 13, 2017.
It has been a great privilege to serve on the Federal Reserve Board and, most especially, to work alongside Chair Yellen as well as many other dedicated and talented men and women throughout the Federal Reserve System. During my time on the Board, the economy has continued to strengthen, providing millions of additional jobs for working Americans. 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 is the former chairman of Citigroup, and also served as governor of the Bank of Israel, as first deputy managing director of the International Monetary Fund, and as the chief economist at the World Bank. He also taught economics at MIT for more than 20 years—former Fed chairman Ben Bernanke was a student.
Currently, three other seats on the seven-member Board of Governors are vacant, and Chairwoman Janet Yellen’s term expires in February. Prior to Fischer’s announcement, analysts were predicting National Economic Council Director Gary Cohn would be the president’s choice to succeed Yellen.
The president will now have the opportunity to replace all but two members of the Board of Governors at the Fed during his current term in office.
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