US: Fed Vice President Fischer resigns

By Ovunc Kutlu

NEW YORK (AA) - U.S. Federal Reserve Vice Chairman Stanley Fischer on Wednesday announced his intention to resign months before his term was due to expire.

Fischer’s resignation from the Federal Reserve Board will be effective on or around October 13, according to a statement from the Fed.

In a letter to President Donald Trump, Fischer said he was leaving for personal reasons and pointed to the accomplishments during his tenure.

“It has been a great privilege to serve on the Federal Reserve Board...During my time on the Board, the economy has continued to strengthen...We have built upon earlier steps to make the financial system stronger and more resilient," he said.

Former President Barack Obama nominated Fischer as vice chair of the Federal Reserve System, the U.S. central bank, in January 2014.

On May 21, 2014, the U.S. confirmed Fischer's appointment to the Federal Reserve Board of Governors.

In a separate vote on June 12, he was confirmed as the vice chair. Fischer succeeded Janet Yellen as vice chair after she became chair of the Federal Reserve earlier in 2014.

Fischer's term as vice chairman was set to expire on June 12 next year, while he was scheduled to be a member of the Board until Jan. 31, 2020.