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Fed vice chairman Stanley Fischer resigns, will depart next month

Stanley Fischer

Stanley Fischer resigned Wednesday as vice chairman of the Federal Reserve Board of Governors, effective in mid-October.

In a letter to President Donald Trump, Mr. Fischer cited personal reasons for the decision to leave before his term expires in June 2018. He was appointed by President Barack Obama.

"During my time on the board, the economy has continued to strengthen, providing millions of additional jobs for working Americans. Informed by the lessons of the recent financial crisis, we have built upon earlier steps to make the financial system stronger and more resilient," he said.

Mr. Fischer will attend the next Federal Open Market Committee meeting Sept. 19-20, which is expected to include an announcement on when the Fed plans to start reducing its $4.5 trillion balance sheet.

That leaves four of seven seats vacant, and Chairwoman Janet Yellen's term ends in February. The Senate Banking Committee is scheduled to vote Thursday on Mr. Trump's first nominee, Randal Quarles.