Senate confirms former Bank of Israel head Fischer as Fed vice chairman

Stanley Fischer. Credit: Wikimedia Commons.

( The U.S. Senate on Thursday officially confirmed former Bank of Israel governor Stanley Fischer as vice chairman of the U.S. Federal Reserve, the central bank’s second-ranking position behind Chairwoman Janet Yellen.  

Fischer was confirmed along with Lael Brainard and Jerome Powell, who will serve on the Federal Reserve’s board of governors. The confirmations will allow the central bank to focus on pulling back on its stimulus policies, which were implemented following the 2008 financial crisis.

“We congratulate Israeli-American Stanley Fischer… This appointment is not only a source of pride for Fischer, but also to the entire Israeli community living in the U.S. today,” said Sagi Balasha, CEO of the Israeli American Council.

Posted on June 12, 2014 .