No. 2 official at the Federal Reserve resigns unexpectedly

Stanley Fischer, the number two official at the Federal Reserve, unexpectedly submitted his resignation Wednesday, citing “personal reasons.”

The vice chairman’s resignation, effective Oct. 13, will allow President Trump to replace him at the central bank almost a year ahead of schedule. Fischer likely would have been an obstacle to Trump’s ambitions for cutting back regulations on banks, as he described the effort to loosen rules on big banks as “very, very dangerous” last month.

President Obama had appointed Fischer to the Fed in 2014. Fischer, 73, had previously served as the governor of Israel’s central bank. Before that, he worked at Citigroup and had a noted academic career as an economist.

“Stan’s keen insights, grounded in a lifetime of exemplary scholarship and public service, contributed invaluably to our monetary policy deliberations,” Fed Chairwoman Janet Yellen said in a statement. “He represented the Board internationally with distinction and led our efforts to foster financial stability.”

This post originally appeared on Washington Examiner

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