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Obama picks Stanley Fischer for Fed vice chair

Published on Jan 11, 2014 1:41 AM
President Barack Obama on Jan 10, 2014 named experienced central banker and internationally respected economist Stanley Fischer to serve as the vice chairman of the Federal Reserve, the White House said. -- PHOTO: REUTERS

(AFP) - US President Barack Obama Friday nominated former Israeli central bank governor and renowned economist Stanley Fischer as vice chair of the Federal Reserve, completing a shakeup of the board's leadership.

The president also named former under secretary of the Treasury Lael Brainard to join the Fed board, and renominated current Fed governor Jerome Powell for a full term, setting up a full team for incoming chairwoman Janet Yellen.

Ms Yellen, the current vice chair, will take over from outgoing Chairman Ben Bernanke on February 1, after her nomination was confirmed by the Senate last week.

Each of the new nominees will need Senate confirmation, and although all three are well-qualified and widely respected, congressional politics could end up slowing that process. "These 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," Mr Obama said.

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