Trump handed opportunity to reshape Fed
President could appoint up to 5 new US central bank board members by next year
Federal Reserve Vice Chairman Stanley Fischer announced Wednesday that he will step down next month for personal reasons, opening another seat on the central bank’s board for President Trump to fill.
Fischer, 73, is a well respected economist and former Citigroup official who headed Israel’s central bank during the 2008 global financial crisis. He has been Fed Chairwoman Janet L. Yellen’s right-hand man since taking office in 2014 after being nominated by President Obama.
Fischer’s departure and three existing vacancies on the Fed’s seven-member Board of Governors give Trump the opportunity to completely reshape the panel.
“It’s the largest potential regime change in the leadership of the Fed since 1936,”
“It introduces a whole new level of uncertainty.”