Vice Chair Stanley Fischer Is Stepping Down from the Fed

Vice Chair Stanley Fischer Is Stepping Down from the Fed

by John Carney 6 Sep 2017

http://www.breitbart.com/big-government/2017/09/06/vice-chair-stanley-fischer-stepping-fed/

Federal Reserve Vice Chairman Stanley Fischer is resigning from his role at the central bank.

In a letter to President Donald Trump Wednesday, Fischer said he was stepping down for “personal reasons.” His resignation will take effect October 13.

Fisher’s term was not set to expire until June of next year. His early resignation means that Trump will have another spot to fill at the Fed.

Fed chair Janet Yellen’s term expires in February. Trump has said he is considering renominating Yellen to the position but is also considering other candidates, including White House economic adviser Gary Cohn.

Fischer’s resignation will leave four of the seven seats on the Fed’s board vacant. Trump has nominated Randal Quarles to fill one of those vacancies but the Senate has not confirmed him yet.

Fischer touted the strength of the economy and improved financial regulations in his resignation letter.

“During my time on the Board, the economy has continued to strengthen, providing millions of additional jobs for working Americans,” Fischer wrote. “Informed by the lessons of the recent financial crisis, we have built upon earlier steps to make the financial system strong and more resilient and better able to provide credit so vital to the prosperity of our country’s households and businesses.

Fischer is 73 years old. He was nominated to the Fed in 2014. He was expected to resign when his term expired but the early resignation caught many Fed watchers by surprise. Fischer has been described as an “elder statesman” of American finance. He is a former vice chairman of Citigroup, a former governor of the Bank of Israel, and former first deputy managing director of the International Monetary Fund. He also served as the chief economist of the World Bank. For 20 years, he was a professor at the Massachusetts Institute of Technology.

Let’s connect the dots:

Gary Cohn

Gary D. Cohn is the chief economic adviser for the Donald Trump administration, and was a trustee at the Harlem Children's Zone.

Note: Foundation to Promote Open Society was a funder for the Harlem Children's Zone, the International Rescue Committee, the Climate Reality Project, the Roosevelt Institute, and the Brookings Institution (think tank).  

George Soros was the chairman for the Foundation to Promote Open Society, a benefactor for the Harlem Children's Zone, is a member of the Bretton Woods Committee, and Jonathan Soros’s father.

Michael R. Bloomberg was a benefactor for the Harlem Children's Zone, an advocate for the ONE Campaign, and is the founder of Bloomberg LP.

ONE Campaign is a partner with the International Rescue Committee.

Timothy F. Geithner is an overseer, director for the International Rescue Committee, a secretary for the U.S. Department of the Treasury, and a member of the Group of Thirty.

Paul A. Volcker is the chairman emeritus for the Group of Thirty, a member of the Bretton Woods Committee, and was the chairman for the Federal Reserve Board.

Stanley Fischer was a member of the Group of Thirty, is a member of the Bretton Woods Committee, a member of the Federal Open Market Committee, and the vice chairman for the Federal Reserve Board.

Lawrence H. Summers is a member of the Group of Thirty, a member of the Bretton Woods Committee, a director at the ONE Campaign, was a trustee at the Brookings Institution (think tank), and a 2008 Bilderberg conference participant (think tank).

David H. Romer was a senior fellow at the Brookings Institution (think tank), a junior staff economist for the Council of Economic Advisers, and is a professor at the University of California, Berkeley.

Janet L. Yellen was the chairman for the Council of Economic Advisers, a director at the Pacific Council on International Policy, is the chair for the Federal Open Market Committee, the chair for the Federal Reserve Board, a professor emeritus for the University of California, Berkeley, and married to George A. Akerlof.

Condoleezza Rice was a director at the Pacific Council on International Policy, a director at the ONE Campaign, is an overseer at the International Rescue Committee, and a 2008 Bilderberg conference participant (think tank).

ONE Campaign is a partner with the International Rescue Committee.

Michael R. Bloomberg was an advocate for the ONE Campaign, a benefactor for the Harlem Children's Zone, and is the founder of Bloomberg LP.

Bloomberg News is a division of Bloomberg LP.

Michael Lewis is a columnist for Bloomberg News, and a visiting fellow at the University of California, Berkeley.

George A. Akerlof is a professor at the University of California, Berkeley, married to Janet L. Yellen, and shared the 2001 Nobel Prize in economics with Joseph E. Stiglitz.

Joseph E. Stiglitz shared the 2001 Nobel Prize in economics with George A. Akerlof, a chairman for the Council of Economic Advisers, a director at the Climate Reality Project, and is the chief economist & senior fellow for the Roosevelt Institute.

Jonathan Soros is a senior fellow at the Roosevelt Institute, and George Soros’s son.

Jay Mazur was a director at the Roosevelt Institute, and is an overseer at the International Rescue Committee.

ONE Campaign is a partner with the International Rescue Committee.

Timothy F. Geithner is an overseer, director for the International Rescue Committee, a secretary for the U.S. Department of the Treasury, and a member of the Group of Thirty.

Stanley Fischer was a member of the Group of Thirty, is a member of the Federal Open Market Committee, a member of the Bretton Woods Committee, and the vice chairman for the Federal Reserve Board.

Randal K. Quarles is a member of the Bretton Woods Committee, and a vice chairman for supervision nominee for the Federal Reserve Board.

Edwin M. Truman is a member of the Bretton Woods Committee, was an economist for the Federal Open Market Committee, a director of the international finance division for the Federal Reserve Board, and an assistant secretary for the U.S. Department of the Treasury.

Peter A. Diamond was a member nominee for the Federal Reserve Board, and is a professor at the Massachusetts Institute of Technology (MIT).

Alan S. Blinder was a vice chairman for the Federal Reserve Board, is a member of the Bretton Woods Committee, and a friend of Ben S. Bernanke.

Ben S. Bernanke is a friend of Alan S. Blinder, a distinguished fellow at the Brookings Institution (think tank), was a chairman for the Federal Open Market Committee, a chairman for the Federal Reserve Board, and a chairman for the

Council of Economic Advisers.

Lael Brainard was a VP & director for the Brookings Institution (think tank), is a member of the Federal Open Market Committee, and a member of the Federal Reserve Board.

Karen Dynan was a VP for the Brookings Institution (think tank), a senior adviser for the Federal Reserve Board, a senior economist for the Council of Economic Advisers, and an assistant secretary for the U.S. Department of the Treasury, and is married to Douglas W. Elmendorf.

Douglas W. Elmendorf is married to Karen Dynan, was a senior fellow at the Brookings Institution (think tank), and an assistant director, Research and Statistics for the Federal Reserve Board.

Donald L. Kohn is a senior fellow at the Brookings Institution (think tank), a member of the Bretton Woods Committee, was a member of the Federal Open Market Committee, and a vice chairman for the Federal Reserve Board.

Alice M. Rivlin is a senior fellow at the Brookings Institution (think tank), Allan Rivlin’s mother, and was a vice chair for the Federal Reserve Board.

Allan Rivlin is Alice M. Rivlin’s son, and Donna E. Shalala was his senior adviser.

Donna E. Shalala was Allan Rivlin’s senior adviser, a fellow at the Brookings Institution (think tank), and is a risk committee member for the Risky Business Project.

Bloomberg Philanthropies is a partner with the Risky Business Project, and an umbrella organization for the Bloomberg Family Foundation.

Michael R. Bloomberg is the founder of the Bloomberg Philanthropies, a co-chair for the Risky Business Project, the founder for the Bloomberg Family Foundation, the founder of Bloomberg LP, was a benefactor for the Harlem Children's Zone, and an advocate for the ONE Campaign.

Gary D. Cohn was a trustee at the Harlem Children's Zone, and is the chief economic adviser for the Donald Trump administration.  

ONE Campaign is a partner with the International Rescue Committee.

Timothy F. Geithner is an overseer, director for the International Rescue Committee, a secretary for the U.S. Department of the Treasury, and a member of the Group of Thirty.

Stanley Fischer was a member of the Group of Thirty, is a member of the Federal Open Market Committee, a member of the Bretton Woods Committee, and the vice chairman for the Federal Reserve Board.

Randal K. Quarles is a member of the Bretton Woods Committee, and a vice chairman for supervision nominee for the Federal Reserve Board.

Federal Reserve Board is a board of governors for the Federal Reserve System.

Nathan Sheets was a director of international finance for the Federal Reserve System, an undersecretary for the U.S. Department of the Treasury, and a visiting fellow for the Peterson Institute for International Economics (think tank).

Lawrence H. Summers was a director at the Peterson Institute for International Economics (think tank), a trustee at the Brookings Institution (think tank), a secretary at the U.S. Department of the Treasury, is a director at the Peterson Institute for International Economics (think tank), a member of the Bretton Woods Committee, a member of the Group of Thirty, a director at the ONE Campaign, and a 2008 Bilderberg conference participant (think tank).

Stanley Fischer was a member of the Group of Thirty, is a member of the Federal Open Market Committee, a member of the Bretton Woods Committee, and the vice chairman for the Federal Reserve Board.

ONE Campaign is a partner with the International Rescue Committee.

Timothy F. Geithner is an overseer, director for the International Rescue Committee, a secretary for the U.S. Department of the Treasury, and a member of the Group of Thirty.