Fed Vice Chair Stepping Down in October

Fed Vice Chair Stepping Down in October

In an update posted to the central bank's website at 1545 BST, the central bank said that Fischer, aged 73, would be stepping down from the Board of Governors of the Federal Reserve System on or about 13 October.

His resignation letter, which was addressed to United States president Donald Trump and was also published by the Federal Reserve, cited "personal reasons" as the cause of his departure.

The resignation comes amid uncertainty about the leadership of the US central bank as Chairwoman Janet Yellen's term is due to expire early next year and it remains unclear whether US President Donald Trump will reappoint her.

Reports have indicated that Yellen and Trump's chief economic advisor Gary Cohn, formerly the president and COO at Goldman Sachs (GS), are the top two candidates for the role. It was originally believed that Fischer was slated for appointment as chairman of the Fed.

Stacy Lewis in position to make big hurricane donation
Henderson won the tournament in 2015 and 2016 and is trying to become the first golfer to win at Portland in three straight years. Being tied at 10-under par with Lewis, Henderson said, "Hopefully, I can just continue that trend over the next two days".

The resignation of Stanley Fischer, 73, creates another vacancy on the council that oversees the United States central bank.

In addition to the pending vacancies at the top of the Fed, there are now three vacancies on the Fed's Board of Governors, who along with five rotating regional Fed chairs comprise the 12-member FOMC.

"Stan's keen insights, grounded in a lifetime of exemplary scholarship and public service, contributed invaluably to our monetary policy deliberations". His resignation creates yet another opening for Trump to fill at a critical time for the Fed.

Fischer is a widely respected economist who taught at MIT and was head of the Bank of Israel for eight years. I'm personally grateful for his friendship and his service. Trump's first Fed nominee, Randal Quarles as vice chairman of banking supervision, is expected to be approved by the Senate Banking Committee on Thursday, and he is likely to clear the full Senate soon thereafter.

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