Number two at US Federal Reserve to step down

Posted September 07, 2017

Federal Reserve Vice Chair Stanley Fischer announced Wednesday that he will resign on October 13.

In his letter to the president, Fischer said "It has been a great privilege to serve on the Federal Reserve Board and, most especially, to work alongside Chair [Janet] Yellen as well as many other dedicated and talented men and women throughout the Federal Reserve system". His term as vice-chair was set to expire next year. I'm personally grateful for his friendship and his service. "In a recent interview with the Financial Times, Fischer was highly critical of Republican efforts to loosen the post-crisis regulatory regime".

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European Commission President Jean-Claude Juncker has echoed that threat, warning Orban "solidarity is not a one-way street". As Deutsche Welle reports , "Only 24,000. refugees from Greece and Italy have been transferred to other states".

Last month in an interview, Trump said he was considering either re-nominating Yellen for a second term as Fed chair or replacing her.

Nominated by President Barack Obama, Fischer worked with Chairman Janet Yellen to lift the USA out of the financial crisis and recession through a strategy involving low interest rates and money printing. Markets sometimes moved on his comments.

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A longtime professor of economics at the Massachusetts Institute of Technology, Mr Fischer previously was a governor at the Bank of Israel and vice-chairman at Citigroup. While at MIT, Fischer oversaw former Fed chairman Ben Bernanke's thesis and taught European Central Bank President Mario Draghi, according to Bloomberg. Once Trump's remaining three nominees are named and confirmed, his picks will represent a majority of the Fed board. He helped shape regulatory policy keeping banks in check and accountable, and he stands by the Fed's approach even as Trump considers alternatives.

The Fed is expected this fall to begin unloading $4 trillion of debt that it racked up during the financial crisis to keep interest rates low and stimulate economic growth.

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The US central bank is slowly raising interest rates as the economy grows and unemployment falls.