Investing.com - Stanley Fischer, vice chairman of the Federal Reserve, submitted his resignation to U.S. President Donald Trump on Wednesday, saying that he would be leaving the central bank around mid-October.
Fischer was originally appointed to the Fed by former President Barack Obama for an unexpired term ending January 31, 2020.
His term as vice chairman was to expire on June 12, 2018.
“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”, Fischer wrote in his letter of resignation to the President.
"Stan's keen insights, grounded in a lifetime of exemplary scholarship and public service, contributed invaluably to our monetary policy deliberations,” current Fed chair Janet Yellen commented in the press release.
“He represented the Board internationally with distinction and led our efforts to foster financial stability,” she said.
Yellen noted that she was “personally grateful for his friendship and his service” and added that “we will miss his wise counsel, good humor, and dry wit."
In Fischer’s own letter of resignation, he noted that he had been a “great privilege” to serve at the central bank, “most especially, to work alongside Chair Yellen as well as many other dedicated and talented men and women throughout the Federal Reserve System.”