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09.06.17

Fed Vice Chairman Resigns

On Sept. 6, Stanley Fischer submitted his resignation as vice chairman and as a member of the Board of Governors of the Federal Reserve System, effective on or around Oct. 13, 2017. Fischer, who has been a member of the board since May 28, 2014, cited personal reasons for his departure.

“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 L. Yellen. “I’m personally grateful for his friendship and his service. We will miss his wise counsel, good humor and dry wit.”

Dr. Fischer, 73, was appointed to the Fed board by President Obama for an unexpired term ending Jan. 31, 2020. His term as vice chairman would have expired on June 12, 2018.

During his time on the board, he served as chairman of the board’s Committee on Financial Stability as well as the Committee on Economic and Financial Monitoring and Research.

Before joining the Board, Dr. Fischer was governor of the Bank of Israel, from 2005 to 2013. He was vice chairman of Citigroup from February 2002 to April 2005. He served as first deputy managing director of the International Monetary Fund from September 1994 through August 2001. From January 1988 to August 1990, he was the chief economist of the World Bank. He was a professor of economics at the Massachusetts Institute of Technology from 1977 to 1999 and associate professor from 1973 to 1977. Prior to joining the faculty at MIT, he was an assistant professor of economics and postdoctoral fellow at the University of Chicago.

 

 

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