Fischer Resigns from Fed Board

Stanley has Fischer submitted his resignation as vice chairman
and as a member of the Board of Governors of the Federal Reserve System,
effective on or around October 13, 2017. He has been a member of the Board
since May 28, 2014.

“Stan’s keen insights, grounded in a lifetime of
exemplary scholarship and public service, contributed invaluably to our
monetary policy deliberations. He represented the Board internationally with
distinction and led our efforts to foster financial stability,” says Federal
Reserve chair Janet Yellen. “I’m personally grateful for his friendship
and his service. We will miss his wise counsel, good humour, and dry wit.”

Dr. Fischer was appointed to the Board by former US President
Barak Obama for an unexpired term ending January 31, 2020. His term as vice chairman
expires on June 12, 2018.

During his time on the Board, he served as chairman of the
Board’s Committee on Financial Stability as well as the Committee on Economic
and Financial Monitoring and Research. He represented the Board internationally
including at the Financial Stability Board, the Bank for International
Settlements, the Group of 20, the Group of Seven, the International Monetary
Fund, and the Organisation for Economic Co-operation and Development.

Before joining the Board, Dr. Fischer was governor of the
Bank of Israel, from 2005 to 2013. He was vice chairman of Citigroup from February
2002 to April 2005. He served as first deputy managing director of the
International Monetary Fund from September 1994 through August 2001. From
January 1988 to August 1990, he was the chief economist of the World Bank. He
was a professor of economics at the Massachusetts Institute of Technology from
1977 to 1999 and associate professor from 1973 to 1977. Prior to joining the
faculty at MIT, he was an assistant professor of economics and postdoctoral
fellow at the University of Chicago.

The US dollar drifted lower following the announcement as
Fischer was widely seen as supporting a rate hike in December. His resignation,
which leaves the Fed Board operating with just three instead of the usual seven
members, is seen as reducing the chances of a rate hike.

US President Donald Trump has nominated Randal Quarles as
vice chair for supervision, his appointment is to be voted on by the Senate
Banking Committee today (Thursday).

Colin_lambert@profit-loss.com

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Colin Lambert

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