Stanley Fischer joins US Federal Reserve board

Former Bank of Israel chief Stanley Fischer was sworn in Wednesday as a member of the Federal Reserve’s board of governors, but awaits Senate approval to become vice chair.

Fischer, a dual US-Israeli national, was nominated by President Barack Obama in January to fill the seat that would be vacated by Fed Vice Chair Janet Yellen, who succeeded Ben Bernanke as chair in early February.

Obama also nominated Fischer, 70, to serve as vice chair of the board.

The Senate confirmed Fischer’s nomination on May 21, but his nomination for the number-two spot is still pending.

Yellen administered the oath of office to Fischer in the “special library” at the central bank in Washington, the Fed said.

Fischer’s mandate as governor extends until January 31, 2020. Governors normally serve a 14-year term unless they are serving the remainder of another’s term, as Fischer is doing.

Fischer, who until last year was governor of Israel’s central bank, will participate in the next monetary policy meeting of the Federal Open Market Committee on June 17 and 18.

He joined the Fed as it seeks to wind down extraordinary stimulus aimed at bolstering the economy’s recovery from the severe 2008-2009 recession.

Obama, in nominating Fischer, said he has “one of the world’s leading and most experienced economic policy minds.”

His career includes posts as deputy managing director of the International Monetary Fund (1994-2001) and chief economist of the World Bank (1988-1990).