Stanley Fischer, Fed’s No. 2 Official, Is Stepping Down
In an unusually frank interview with The Financial Times last month, Mr. Fischer described
efforts to roll back those regulations as “dangerous and extremely shortsighted.”
Ms. Yellen thanked Mr. Fischer for leading the Fed’s work to increase financial stability.
WASHINGTON — Stanley Fischer, the vice chairman of the Federal Reserve, said Wednesday
that he would resign in mid-October, an unexpected decision that gives President Trump greater leverage over central bank policy.
But a person close to the president said Mr. Cohn had fallen out of favor — although not totally out of the running — after expressing distress
last month in an interview with The Financial Times over the administration’s response to violent clashes in Charlottesville, Va.
Mr. Fischer joined the Fed’s board in May 2014 after a distinguished career as an academic economist and an international policy maker.
“Stan’s keen insights, grounded in a lifetime of exemplary scholarship
and public service, contributed invaluably to our monetary policy deliberations,” Ms. Yellen said in a statement that the Fed released with Mr. Fischer’s letter.
It also means that Mr. Trump can appoint a majority of the Fed’s board, bending the direction of its policy.
The resignation puts immediate pressure on the Trump administration to replenish the Fed’s depleted board.
