Fischer resigns as Fed vice chair, in new opening for Trump POLITICO
Federal Reserve Vice Chairman Stanley Fischer Wednesday submitted his resignation from the central bank, in a surprise move that gives President Donald Trump the chance to nominate more than half the Fed's board whenever he chooses.
This gives the White House significant control over the Federal Reserve, Cowen analyst Jaret Seiberg said in a note to clients. There will be five of the seven members who owe their jobs to the President. At a minimum we would expect his nominees to broadly support deregulation of banks.
Carnegie Mellon University Professor Marvin Goodfriend is expected to be nominated for a seat that is already open, while another slot must go to someone with community banking experience.
Fischer, an appointee of former President Barack Obama and a close Yellen ally, is a strong proponent of the regulations imposed on banks after the financial crisis.
It's going to be Trump's Fed now. Only time will tell if that is for good or ill. I hope it's for good.