Obama Nominates Former Bank of Israel Chief Stanley Fischer As Fed Vice Chairman

[Purveyor]

Source: Haaretz

U.S. President Barack Obama nominated former Bank of Israel governor Stanley Fischer as vice chairman of the Federal Reserve on Friday.

Fischer's nomination had been expected for weeks. An internationally recognized economist, he had been considered a dark horse candidate to replace Chairman Ben Bernanke at one point.

Fischer would succeed Janet Yellen, who was confirmed by the Senate on Monday to lead the Fed after Bernanke's term expires at the end of this month.

"Stanley Fischer brings decades of leadership and expertise from various roles, including serving at the International Monetary Fund and the Bank of Israel," Obama said in a statement.

Read more: http://www.haaretz.com/news/world/1.567961

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[Purveyor]

1. RELATED: Elizabeth Warren Lukewarm On Stanley Fischer As Fed Vice Chairman

President Barack Obama has some lobbying to do in his own party about his choice of Stanley Fischer as vice chairman of the Federal Reserve.

In an interview with Bloomberg TV, Massachusetts Democrat Sen. Elizabeth Warren says she wants to be “hopeful” that Fischer would work “in the right direction.” But she’s not sure.

That’s not a hard “no” on Fischer from Warren, but it’s cause for concern. Opposition from Warren and other liberal senators helped sink Larry Summers’ prospects for running the central bank. He withdrew from consideration in September, and the job ultimately went to Janet Yellen.

In the Bloomberg TV interview, scheduled to air Friday night, Warren sounds more concerned about the Fed than Fischer himself. The 70-year-old Fischer, a dual U.S. and Israeli citizen, was most recently governor of the Israeli central bank.

Obama will nominate Fischer to the post later Friday, reports said.

MORE...

http://blogs.marketwatch.com/capitolreport/2014/01/10/elizabeth-warren-lukewarm-on-stanley-fischer-as-fed-vice-chairman/

[WilliamPitt]

2. .

[phleshdef]

3. OMGZ Obama nominated another banker to do banking related stuff!!!

[frazzled]

4. To be clear on a few things

My quick research shows me that Fischer (b. 1943) is a native Zambian, who became a full American citizen in 1976. He earned his bachelors and masters degrees from the London School of Economics and his Ph.D. in 1969 from MIT (where he was a professor and wrote three influential textbooks on economics).

He became an Israeli citizen only after he was appointed head of the Bank of Israel in 2005 (retaining his US citizenship). It was a requirement for the post. in 2010 the bank was ranked first among central banks for its efficient functioning.

Let's wait before bludgeoning the guy because he has "Israel" among the titles on his vast resume. He's clearly an experienced central banker and macroeconomist. Other than that, I know nothing.

[alp227]

5. In other news, Alex Jones choked on his lunch.

I can't imagine what the comments sections look like over at Infowars, Stormfront, etc

[blkmusclmachine]

6. When's the "Change" beginning?!!