Stanley Fischer
Stanley FischerFlash 90

Stanley Fischer, who served as governor of the Bank of Israel, announced on Wednesday he would be stepping down as vice chairman of the Federal Reserve.

In a letter to President Donald Trump, Fischer cited "personal reasons" and said the resignation will take effect October 13, two days before his 74th birthday, reported CNBC.

"It has been a great privilege to serve on the Federal Reserve Board and, most especially, to work alongside Chair [Janet] Yellen as well as many other dedicated and talented men and women throughout the Federal Reserve system," Fischer wrote.

Though he did not elaborate on his reasons for stepping down, Fischer did mention the Fed's accomplishments during his tenure.

"During my time on the Board, the economy has continued to strengthen, providing millions of additional jobs for working Americans," he wrote. "Informed by the lessons of the recent financial crisis, we have built upon earlier steps to make the financial system stronger and more resilient and better able to provide the credit so vital to the prosperity of our country's households and businesses."

Fischer served as governor of the Bank of Israel from 2005 to 2013, a role from which he stepped down midway through his second five-year term. He holds dual citizenship in Israel and the United States.

He was nominated to the Fed by President Barack Obama in January 2014.

In 2011, Fischer attempted to run for the position of head of the International Monetary Fund, but he was disqualified due to the fact that his age at the time was two years beyond the ceiling set by the organization’s bylaws.