US Fed's Fischer announces resignation, to leave mid-October

In a letter to President Donald Trump, US Federal Reserve Vice Chair Stanley Fischer (left) said he was resigning for personal reasons and that the effective date would be on or around Oct. 13.
In a letter to President Donald Trump, US Federal Reserve Vice Chair Stanley Fischer (left) said he was resigning for personal reasons and that the effective date would be on or around Oct. 13.PHOTO: EPA

WASHINGTON (REUTERS) - US Federal Reserve Vice Chair Stanley Fischer, a veteran central banker who helped set the course for modern monetary policy, said on Wednesday (Sept 6) he will step down from his position in the middle of October.

In a letter to President Donald Trump, Mr Fischer, 73, said he was resigning for personal reasons and that the effective date would be on or around Oct. 13.

"It's been a privilege to serve on the Federal Reserve board and most especially to work alongside Chair Yellen," Mr Fischer said, citing the improvements in the economy and financial system in recent years.

Mr Fischer's term as vice chair was set to expire next year but his early departure gives Mr Trump an opportunity to further shape the central bank sooner than expected.