US President Barack Obama yesterday 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 . 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," Obama said. Fischer, 70 and a dual US and Israeli citizen, is one of the world's most respected active monetary economists. He led Israel's central bank from 2005 to last year and before that held senior positions at the World Bank and the International Monetary Fund . He was a professor of Bernanke, as well as European Central Bank chief Mario Draghi , at Massachusetts Institute of Technology . He was reportedly considered by the White House as a replacement for Bernanke. Brainard is well known abroad as she served as one of the president's top international economic advisers during a period of acute turbulence in the eurozone, during his first term. copyright
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