Bank of Israel Governor Stanley Fischer. Photo: World Economic Forum.

JNS.org – The former governor of the Bank of Israel, Stanley Fischer, has been unanimously approved by the Senate Banking Committee as a nominee to take over as vice chairman of the U.S. Federal Reserve Board. The appointment would make Fischer the second-ranked Federal Reserve official after Chairwoman Janet Yellen.

Fischer’s nomination, along with the approved nominations of former Under Secretary of the Treasury for International Affairs Lael Brainard and Fed Governor Jerome Powell for another term, now requires confirmation from the full Senate.

Fischer is a well-known figure in global central banking circles and was a professor for former Fed Chairman Ben Bernanke at the Massachusetts Institute of Technology.