Stanley Fischer steps down as Fed vice chairman

Stanley Fischer  photo: Eyal Yitzhar

Appointed in 2014, the former Bank of Israel Governor is resigning for "personal reasons."

US Federal Reserve Board vice chairman and former Governor of the Bank of Israel Stanley Fischer has announced his resignation, effective as of October 13, after serving a three-year term. Fischer attributed his decision to "personal reasons."

Fischer, 73, was appointed in 2014 by President Barack Obama, and his term was due to end in June 2018. It was originally believed that Fischer was slated for appointment as chairman of the Fed. In view of the replacement of US economic leadership planned by President Donald Trump, however, the likelihood that Fischer would be appointed was brought into question.

Fischer recently made headlines with a fiery speech he gave, in which he said that the world would not survive another economic crisis like the one in 2008. The US central bank is currently at a crossroads, in which it will have to decide when to halt its expansive monetary policy. The Fed is talking about an interest rate hike, but the real bombshell is reining in the $4.5 trillion US federal budget.

Published by Globes [online], Israel Business News - www.globes-online.com - on September 6, 2017

© Copyright of Globes Publisher Itonut (1983) Ltd. 2017

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Stanley Fischer  photo: Eyal Yitzhar
Stanley Fischer photo: Eyal Yitzhar
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