Comment on Fischer resigns as Fed vice chair, in new opening for Trump

Fischer resigns as Fed vice chair, in new opening for Trump

Federal Reserve Vice Chairman Stanley Fischer Wednesday submitted his resignation from the central bank, in a surprise move that gives President Donald Trump the chance to nominate more than half the Fed’s board whenever he chooses.Fischer, whose departure is effective Oct. 13, cited “personal reasons” for his decision to leave the board at a time when it is considering further interest rate hikes and unwinding the massive portfolio of assets that it purchased to prop up the economy.With only three of the seven board members staying past October, Fischer’s exit puts increased pressure on the Senate to approve Randal Quarles, nominated for the central bank’s top regulatory job and Trump’s only Fed pick to date.

 

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