Former Governor of the Bank of Israel Stanley Fischer is set to be appointed vice chairman of the US Federal Reserve, and to a seat on its board of Governors. On Friday, President Barack Obama announced that he would nominate Fischer to the Fed's Board of Governors, along with Lael Brainard and Jerome Powell.
"Stanley Fischer brings decades of leadership and expertise from various roles, including serving at the International Monetary Fund and the Bank of Israel,” said Obama. “He is widely acknowledged as one of the world’s leading and most experienced economic policy minds and I’m grateful he has agreed to take on this new role and I am confident that he and Janet Yellen will make a great team."
There have been reports for weeks that Fischer would serve under Yellen as vice chairman of the Fed. This step prepares the ground for the announcement of the appointment, assuming that he is approved by the Senate. Yellen, the current Fed Vice Chair, will succeed Federal Reserve Board Chairman Ben Bernanke when he leaves his post at the end month.
Obama, does however, face opposition with the Democratic Party to Fischer's appointment as Vice Chairman of the Fed.
Published by Globes [online], Israel business news - www.globes-online.com - on January 12, 2014
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