Obama to Nominate Stanley Fischer for Fed Vice Chairman

Dr. Stanley Fischer, Photo Credit: IMF

Dr. Stanley Fischer, Photo Credit: IMF

President Barack Obama announced his intention to nominate former Bank of Israel governor Stanley Fischer as Federal Reserve vice chairman. Before working for the Bank of Israel, Fischer was vice chairman of Citigroup and a former first deputy managing director at the International Monetary Fund (IMF). Fischer would represent the New York region.

President Obama is also planning on nominating Lael Brainard and Jerome Powell to the Board of Governors of the Federal Reserve System.

According to the press release, President Obama said, “These three distinguished individuals have the proven experience, judgment and deep knowledge of the financial system to serve at the Federal Reserve during this important time for our economy. Stanley Fischer brings decades of leadership and expertise from various roles, including serving at the International Monetary Fund and the Bank of Israel.”

Jerome Powell
Jerome Powell is currently serving on the Board of Governors, but his first term expires January 31. Powell would represent the Philadelphia region.

Lael Brainard
Lael Brainard served in the Obama administration as Under Secretary of the Treasury for International Affairs. She stepped down from that role in November. Brainard would represent the Richmond region.

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