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Fischer sworn in as Fed vice chairman

Brainard and Powell also sworn in as Fed Governors

Stanley Fischer is now the Vice Chairman of the Board of Governors for the Federal Reserve System after Fed Chair Janet Yellen swore him into the position on Monday.

President Obama nominated Fischer to the Fed Board of Governors and to the post of Vice Chairman on Jan. 13. Fischer was confirmed as a Board member on May 21 and sworn in as a Board member on May 28.

Fischer’s term as Vice Chairman expires on June 12, 2018. His term as a Fed Governor expires on Jan. 31, 2020.

Fischer was previously governor of the Bank of Israel from 2005 to 2013. Prior to his time with the Bank of Israel, Fischer was vice chairman of Citigroup. Fischer served as the first deputy managing director of the International Monetary Fund from September 1994 through August 2001. From January 1988 to August 1990, he was the chief economist of the World Bank.

Additionally, Lael Brainard was sworn in as a member of the Board of Governors. In November, Brainard resigned her position at the U.S. Treasury following reports that she was under consideration for a position at the Fed. Brainard was confirmed as a Board member on June 12 and her term is set to expire on Jan. 31, 2026.

Current Fed Governor Jerome Powell was also sworn in for a second term. Powell began his term at the Fed on May 25, 2012. Powell was previously a visiting scholar at the Bipartisan Policy Center in Washington, D.C., where he focused on federal and state fiscal issues. He was also assistant secretary and undersecretary of the Treasury during President George H.W. Bush’s term in office.

Powell’s term on the Fed runs through Jan. 31, 2028.

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