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Number two at US Federal Reserve to step down

Number two at US Federal Reserve to step down”

The U.S. dollar fell against a basket of currencies on Wednesday after Federal Reserve Vice Chairman Stanley Fischer said he was resigning.

In a letter of resignation, Fischer said he was stepping down for unspecified "personal reasons" and cited the central bank's work to stabilize the United States financial system following the 2008 global financial crisis.

Fischer, 73, who has citizenship in both the United States and Israel, joined the Federal Reserve board in 2014 and his term was to expire in 2020.

Appointed to the board for an unexpired term finalising on 31 January, 2020, his term as vice chairman was due to expire on 12 June 2018.

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But Trump said he wouldn't announce his nominee for next Fed Chair until the end of this year, as it's still too early to make that decision. He also taught economics at MIT for more than 20 years-former Fed chairman Ben Bernanke was a student.

Last month in an interview, Trump said he was considering either re-nominating Yellen for a second term as Fed chair or replacing her. We expect that Dudley could be offered the Vice Chair position but believe he likely stays at the NY Fed, though Potter could assume the NY Fed President role.

Besides Yellen and Fischer's seats, there are already two open spots for Fed governors, who get a permanent vote on the influential committee that raises and lowers interest rates.

"We commend Stanley Fischer for his years of dedicated public service, and we wish him well in his return to private life", said American Bankers Association President and CEO Rob Nichols. During his tenure at the Fed, he served as chairman of the board's committee on Financial Stability as well as the Committee on Economic and Financial Monitoring and Research. Trump has nominated Randal Quarles, a former investment fund manager, to a fifth opening in the Fed's governor ranks.



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