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US Fed Vice Chairman Stanley Fischer to resign next month

US FED VICE CHAIRMAN STANLEY FISCHER TO RESIGN NEXT MONTH

Stanley Fischer, the vice chairman of the Federal Reserve, announced Wednesday he will retire next month, creating a third vacancy for President Donald Trump to fill at the U.S. central bank.

The 73-year-old will step down on October 13, two and a half years before his mandate expires, the Fed said in a statement.

Fischer has been a member of the board since May 2014. He previously served as governor of the Bank of Israel from 2005 through 2013. His term as Vice Chairman expires next June.

His resignation will provide President Donald Trump with another opportunity to reshape the Fed. Trump has nominated Randal Quarles for one of the vacancies as vice chairman for bank supervision.

Janet Yellen's own term as Fed Chair expires in February, and Trump has not indicated whether he will keep or replace her.

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