Fed Vice Chairman Fischer to Step Down

Federal Reserve Vice Chairman Stanley Fischer today announced that he will step down as a member of the board on or around October 13. Fischer was appointed to the board by President Obama in 2014 for a term as vice chairman that was set to expire in 2018. During his tenure at the Federal Reserve, he served as chairman of the Fed’s committee on financial stability and the committee on economic and financial monitoring and research, and represented the Fed at international regulatory gatherings.

“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. “His years of international experience and his background in banking served him well as he helped guide the Fed through a challenging period as vice chairman.”

Nichols noted that Fischer’s departure leaves yet another open seat on the Federal Reserve board, which already has three vacancies in addition to the one Fischer will create. The Senate Banking Committee is expected to vote tomorrow on the nomination of Randal Quarles, who was appointed by President Trump to serve as the Fed’s vice chairman for supervision.

“We urge the administration and Senate to work together to fill these vacancies as soon as possible,” Nichols said. “Having a complete board of governors, including members with banking experience, is important as the Fed moves forward with needed regulatory reforms and critical monetary policy decisions.”