Sooner than expected, President Donald Trump will have an opportunity to shape USA monetary policy with the announcement Wednesday that Federal Reserve Vice Chairman Stanley Fischer is resigning effective in mid-October.
His resignation letter, which was addressed to U.S. president Donald Trump and was also published by the Federal Reserve, cited "personal reasons" as the cause of his departure.
Fischer, 73, who has citizenship in both the USA and Israel, joined the Federal Reserve board in 2014 and his term was to expire in 2020.
As Yellen's current term expires in February next year, Trump has also begun the search for the next Fed Chair.
Goodfriend, 66, worked for more than 20 years at the Richmond Fed and is seen as a leading hawkish voice on monetary policy.
In his two-paragraph letter to the president, Fischer hailed the USA economy's progress and the Fed's reforms to make the financial system more resilient.
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In addition to the pending vacancies at the top of the Fed, there are now three vacancies on the Fed's Board of Governors, who along with five rotating regional Fed chairs comprise the 12-member FOMC.
"We commend Stanley Fischer for his years of dedicated public service, and we wish him well in his return to private life", said American Bankers Association President and CEO Rob Nichols.
Fischer is a former vice chairman of Citigroup, the former first deputy managing director of the International Monetary Fund, and the former chief economist of the World Bank.
Now Trump will also have to find someone to fill Fischer's spot. During his tenure at the Fed, he served as chairman of the board's committee on Financial Stability as well as the Committee on Economic and Financial Monitoring and Research. "We will miss his wise counsel, good humor, and dry wit".
Trump in July chose the investor and former Treasury Department official Randal Quarles to join the Fed as vice chair for supervision in a further sign the White House may promote continuing deregulation of the financial sector.