January 10, 2014
The White House (click here) announced Friday that the president would nominate Stanley Fischer to serve as the vice chairman of the Federal Reserve.
Fischer would take over as vice chair for Janet Yellen, whom the Senate this week confirmed to be the next chair. Yellen will take over as chair for Ben Bernanke, who is leaving at the end of January, the end of his second term as chairman.
Like Yellen, Fischer would come to the Federal Reserve with years of central banking experience already under his belt. Fischer was governor of the Bank of Israel from 2005 through June of this year, and previously served as vice chairman of Citigroup and deputy managing director of the International Monetary Fund. Fischer also taught at MIT, where Bernanke was one of his students, the Washington Post reports.
Fischer and the new chair would head the central bank at a time when it's trying to unwind a massive balance sheet that has ballooned to more than $4 trillion under three rounds of massive asset purchases known as quantitative easing. Like Yellen, Fischer has credited the Fed's stimulus with boosting the economy....
