"He is widely acknowledged as one of the world’s leading and most experienced economic policy minds and I’m grateful he has agreed to take on this new role and I am confident that he and Janet Yellen will make a great team."
As second-in-command at the International Monetary Fund from 1994-2001, Mr Fischer played a key role in battling the Asian financial crisis. Before that he was chief economist at the World Bank.
Mr Fisher, who has both US and Israeli citizenship, was more recently was credited with helping Israel safely navigate the 2007-2009 financial crisis. He stepped down as governor of the Bank of Israel in June, three years into his second five-year term.
Mr Obama also nominated Lael Brainard, who recently served as the Treasury Department's top official for international affairs, to serve on the Fed board and Fed Governor Jerome Powell to a new term on the board ending in 2028.
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