Stanley Fischer..Fed’s No. 2 official is stepping down

https://www.nytimes.com/2017/09/06/business/economy/fed-stanley-fischer.htm l

Stanley Fischer, the vice chairman of the Federal Reserve, said Wednesday that he would resign in mid-October, an unexpected decision that gives President Trump greater leverage over central bank policy.

Mr. Fischer, 73, cited “personal reasons” in a brief letter addressed to Mr. Trump. His four-year term was to have ended next June.

The resignation puts immediate pressure on the Trump administration to replenish the Fed’s depleted board. Mr. Fischer’s departure would leave only three people in the seven board seats, the smallest number of governors in the Fed’s history.

It also means that Mr. Trump can appoint a majority of the Fed’s board, bending the direction of its policy. Mr. Trump has repeatedly said that he wants the Fed to loosen some of the regulatory strictures it has imposed in response to the 2008 financial crisis.

Among the decisions the president will have to make is whether to replace Janet L. Yellen as chairwoman or keep her on when her four-year term ends in early February. He faces a choice between a nominee who, like Ms. Yellen, stresses economic growth, or someone more palatable to conservatives who favor greater emphasis on curbing inflation.

Mr. Fischer joined the Fed’s board in May 2014 after a distinguished career as an academic economist and an international policy maker. He sometimes argued that the Fed should be raising interest rates more quickly, sparring with Ms. Yellen. But he provided reliable support for measures strengthening financial regulation.

In recent months he has joined Ms. Yellen in warning against weakening regulations that have been enacted since 2008. In an unusually frank interview with The Financial Times last month, Mr. Fischer described efforts to roll back those regulations as “dangerous and extremely shortsighted.”

Ms. Yellen thanked Mr. Fischer for leading the Fed’s work to increase financial stability.

“Stan’s keen insights, grounded in a lifetime of exemplary scholarship and public service, contributed invaluably to our monetary policy deliberations,” Ms. Yellen said in a statement that the Fed released with Mr. Fischer’s letter.

Mr. Trump has not been in a rush to refill the Fed’s board. There were two vacancies when he took office, and a third seat opened in the spring. So far the White House has put forward only one candidate, Randal K. Quarles, a Utah investor who was nominated in July to join the board as vice chairman for supervision. The Senate Banking Committee was expected to send his nomination to the full Senate in a vote on Thursday.

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i dont know who will replace him..i dont know if yellen will be reappointed..but..i do know whoever does get the gig will be one of (((them)))..guaranteed..

401

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~ by seeker401 on September 13, 2017.

2 Responses to “Stanley Fischer..Fed’s No. 2 official is stepping down”

  1. around min14 https://www.rt.com/shows/keiser-report/403008-episode-max-keiser-1122/
    also the other day when we post about this was 2 endFED that agree that is good that this guy is gone
    we got time we look for it lately

  2. where is the next growth spurt..?

    digital bites/bytes

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