U.S. Federal Reserve Vice Chair Stanley Fischer, a veteran central banker who helped set the course for modern monetary policy, said on Wednesday he will step down from his position in the middle of October.
In a letter to President Donald Trump, Fischer, 73, said he was resigning for personal reasons and that the effective date would be on or around Oct. 13.
“It’s been a privilege to serve on the Federal Reserve board and most especially to work alongside Chair Yellen,” Fischer said, citing the improvements in the economy and financial system in recent years.
Fischer’s term as vice chair was set to expire next year but his early departure gives Trump an opportunity to further shape the central bank sooner than expected.
The Fed is supposed to operate with a seven-strong board, which will now be whittled down to three pending the confirmation of Trump’s first Fed nominee,