Posted September 6, 2017
On Sept. 6, 2017, Federal Reserve Vice Chairman Stanley Fischer submitted his resignation from the Board of Governors citing “personal reasons”. Fischer has been a member of the Federal Reserve Board since May 28, 2014 and has served as Chairman of the Board's Committee on Financial Stability and the Committee on Economic and Financial Monitoring and Research. He also represented the Board at various international bodies including the Financial Stability Board and the Bank for International Settlements.
Fischer’s departure (effective Oct. 13, 2017), will leave a clear opening on the Board should President Donald Trump choose to nominate someone from outside the agency for a Fed chair. It is expected that Carnegie Mellon professor Marvin Goodfriend will be the nominee for an additional open seat, while the nominee for a third seat must be someone who has community banking experience.