Federal Reserve Board Vice Chair Stanley Fischer.
Federal Reserve Board Vice Chair Stanley Fischer. Bloomberg News

Federal Reserve Board Vice Chair Stanley Fischer said he will resign from the Board of Governors on or about Oct. 13.

In a letter of resignation to President Trump, Fischer cited unspecified “personal reasons” for his departure.

Fischer’s departure comes as the Fed board already has three vacancies, although Randal Quarles is expected to be confirmed this week by the Senate Banking Committee to join the board (the nomination must still be approved by the full Senate). Janet Yellen's term as Fed chair expires early next year and it's unclear if she will be renominated by President Trump.

Overall, Fischer's departure will allow Trump to reshape the Fed much faster than initially expected. Though Fischer's term as vice chairman was due to expire next year, his term as governor didn't expire until 2020. Trump now has the opportunity to immediately choose four of the seven Fed governors, with a potential fifth if Yellen is not renominated as Fed chair and chooses to leave rather than complete her term as governor.

Fischer is a former vice chairman of Citigroup and deputy managing director at the IMF.

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