Obama Plans to Nominate Next Fed Vice Chairman

Posted by Unknown on Friday, January 10, 2014

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Business Day |Obama Plans to Nominate Next Fed Vice Chairman

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Stanley Fischer, former head of the Bank of Israel, is expected to be nominated by President Obama to be the next vice chairman of the Federal Reserve.Chip Somodevilla/Getty Images

WASHINGTON â€” President Obama plans to nominate Stanley Fischer, former head of the Bank of Israel, as the next vice chairman of the Federal Reserve, the White House said Friday.

It also announced plans to nominate Lael Brainard, a former Treasury Department official, to an open seat on the Fedâ€™s board of governors, and said that Jerome H. Powell, a Republican financier who joined the board last year, would be nominated to a full term.

The nominations would replenish the Fedâ€™s board with officials who are generally aligned with the views of its new chairwoman, Janet L. Yellen, and who are likely to support the Fedâ€™s efforts to stimulate the economy.

The Senateâ€™s recent decision to prevent filibusters of such nominations means that Democrats can move quickly toward confirmation.

â€œThese 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,â€ President Obama said in a statement.