(Bloomberg Businessweek) -- Stanley Fischer’s decision to resign from the Federal Reserve Board of Governors deprives the institution of one of its most seasoned decision-makers, while giving President Trump even more of an opportunity to shape the central bank to his liking.
Fischer, 73, submitted his letter of resignation today, effective on or around Oct. 13, the Fed announced. He had served since 2014 as vice chair and has been a reliable ally of Fed Chair Janet Yellen.
It’s highly unlikely that Fischer’s resignation had anything to do with disagreements with the Trump Administration. In fact, by stepping aside he boosts the president by creating an additional opening that Trump can fill. There are already three vacancies on the seven-member board that runs the Fed out of Washington. The Board of Governors, in combination with presidents of the regional Reserve Banks, sets U.S. monetary policy—i.e., the level of interest rates.
