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On Wednesday, Federal Reserve Vice Chairman Stanley Fischer announced he will be stepping down from his position, effective October 13, 2017, leaving yet another seat empty at the Board of Governors. Fischer's term as Vice Chair was set to expire in June 2018.
According to Bloomberg, Fischer's resignation will leave four out of seven seats on the board vacant, although Randal Quarles has been nominated to fill one of those seats with a confirmation vote by the Senate Banking Committee, which will take place on Thursday, September 7, 2017. President Donald Trump will be charged with filling the missing seat.
Fischer wrote in a letter to President Donald Trump. "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."
Fischer was appointed by former President Barack Obama in 2014 to an unexpired term set to end in January 2020. Before serving on the Fed's Board of Governors, Fischer was governor of the Bank of Israel from 2002 to 2005. He was also first managing director of the International Monetary Fund from late 1994 to mid-year 2001.
"Stan's keen insights, grounded in a lifetime of exemplary scholarship and public service, contributed invaluably to our monetary policy deliberations. He represented the Board internationally with distinction and led our efforts to foster financial stability," said Chair Janet Yellen. "I'm personally grateful for his friendship and his service. We will miss his wise counsel, good humor, and dry wit."
In his resignation letter, Fischer expressed his satisfaction with the work the Fed has undertaken during his tenure. "During my time on the Board, the economy has continued to strengthen, providing millions of additional jobs for working Americans,” Fischer said. “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.”
Yellen's term expires in February 2018; it remains undetermined as to whether or not President Trump will extend her tenure.
