President Barack Obama today announced to nominate Stanley Fischer, a former head of the Bank of Israel, as the vice chairman of the US Federal Reserve, replacing Janet Yellen, who is ascending to the world's most powerful central bank's chairmanship.
The president also named former under secretary of the Treasury Lael Brainard and fiscal scholar and current Fed governor Jerome Powell to serve a full term on the Board of Governors under newly confirmed chairwoman Yellen.
"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," Obama said in a statement.
He said Fischer brings decades of leadership and expertise from various roles, including serving at the International Monetary Fund and the Bank of Israel.
"He is widely acknowledged as one of the world's leading and most experienced economic policy minds," Obama said.
Fischer (70), a dual US and Israeli citizen, served as the Governor of the Bank of Israel from 2005 to 2013, where he successfully navigated Israel's economy through the global financial crisis.
Prior to joining the Bank of Israel, Fischer was Vice Chairman of Citigroup from 2002 through 2005. From 1994 to 2001, he was the First Deputy Managing Director of the IMF, addressing the Asian, Russian, Brazilian, and other financial crises of the late 1990s.
Before he joined the IMF, Fischer was the Killian Professor and Head of the Department of Economics at the Massachusetts Institute of Technology.
From 1988 to 1990, he was Vice President, Development Economics and Chief Economist at the World Bank. From 1973 to 1994, he taught economics at MIT.
Fischer was Assistant Professor in the Department of Economics at the University of Chicago. He received a B.Sc. and an M.Sc. From the London School of Economics and a Ph.D. from MIT.
Brainard, till recently served as the Department of the Treasury's Under Secretary for International Affairs from 2010 to 2013, was awarded the Alexander Hamilton Award for her service as the Administration's chief economic diplomat.
"Lael Brainard has served as one of my top and most trusted international economic advisors during a challenging time not just at home, but for our global economy as well, and her knowledge of international monetary and economic issues will be an important addition to the Fed," Obama said.
Powell, Obama said, has proven to be an effective and wise voice at the Fed. Powell is a Member of the Board of Governors of the Federal Reserve, a position he has held since 2012.
