President Obama To Nominate Former Bank Of Israel Head To Fed. R - NBC Right Now/KNDO/KNDU Tri-Cities, Yakima, WA |

President Obama To Nominate Former Bank Of Israel Head To Fed. Reserve Vice Chairman

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Former Bank of Israel Governor Stanley Fischer in Washington, November 19, 2013. Former Bank of Israel Governor Stanley Fischer in Washington, November 19, 2013.
WASHINGTON (AP) - President Barack Obama intends to nominate Stanley Fischer to be vice chairman of the Federal Reserve.
    
Fischer is a former head of the Bank of Israel. He would succeed Janet Yellen, who's succeeding Fed Chairman Ben Bernanke.
    
Fischer is a dual citizen of the United States and Israel. He's considered a leading expert on monetary policy.
    
He was a long-time professor at MIT, and Bernanke was one of his students.
    
Obama also is nominating Lael Brainard as a Fed governor. Brainard served as the undersecretary for international affairs at Treasury during Obama's first term and left the administration recently.
    
Fischer was chief economist at the World Bank and deputy managing director of the International Monetary Fund. He led the Bank of Israel from 2005 to 2013.

(Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

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