Stanley Fischer top choice to replace Yellen at the Federal Reserve

With extensive crisis management experience, Stanley Fischer is an ideal fit to fill in as the Fed's No. 2, economists say.
Posted By Sonali Basak   |   Dec. 11, 2013 at 5:17 PM   |   0 comments

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Dec. 11 (UPI) -- As Janet Yellen approaches a hearing to be the next chair of the Federal Reserve, President Obama might look to former Bank of Israel chief Stanley Fischer to take Yellen's spot as vice chairman.

Fischer, 70, is known to have coached top economists and financial leaders, including current Fed Chairman Ben Bernanke and European Central Bank's Mario Draghi. He stepped down as head of the Bank of Israel in June and has formerly worked at the World Bank and International Monetary Fund.

He has voiced concern about the Fed's current forward guidance policy, which implies central banking actions as much as two years in advance, though he also said the policy has worked thus far.

Economists consider Fischer an ideal fit for the job due to his extensive central banking expertise, as well as his agreement with Yellen's policy initiatives. White House advisers seek someone with financial crisis management experience, and Fischer has plenty.

[Wall Street Journal]

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