President Barack Obama intends to nominate Stanley Fischer, a former head of the Bank of Israel, to be vice chairman of the Federal Reserve, replacing Janet Yellen, who is ascending to the central bank's chairmanship.
Fischer, a dual citizen of the United States and Israel, is considered a leading expert on monetary policy. He was a long-time professor at the Massachusetts Institute of Technology. Departing Fed Chairman Ben Bernanke was one of his students.
Obama also is nominating Lael Brainard as a Fed governor. Brainard served as the undersecretary for international affairs at Treasury during Obama's first term. She left the administration recently. He also is renominating Jerome Powell to the Fed for a second term.
"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," Obama said in a statement.
In selecting Fischer, Obama is tapping someone with extensive experience in global economics to serve on the Fed's seven-member board. Fischer served as chief economist at the World Bank and deputy managing director of the International Monetary Fund. He led the Bank of Israel from 2005 until 2013.