In July, Trump nominated former Treasury undersecretary Randy Quarles as the Fed’s Vice Chairman of supervision to oversee the banking industry.
The central bank is preparing to start unwinding the $4.5 trillion balance sheet it built up by buying bonds and other assets after the recession.
This effort is another step the Fed is taking to gradually reverse its crisis-era policies that are less necessary now that the economy is in an eighth year of expansion.
Fischer is widely considered a centrist on monetary policy whose views are closely aligned to Chair Yellen's.
"He represented the board internationally with distinction and led our efforts to foster financial stability," Yellen said in a statement .
READ MORE (Business Insider)
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- Teacher to Bernanke and Draghi, Fischer remembered as 'giant' in fieldMarketWatch
- Top Federal Reserve official departsBBC News
- Stanley Fischer, Federal Reserve vice chair, resignsCBS News
- Vice Chair Stanley Fischer stepping down from Fed, citing 'personal reasons'USA TODAY
