President Obama announced that he intends to nominate Stan Fischer, the former head of Israel’s central bank, to serve as the vice chairman of the Federal Reserve. It also was announced that he would nominate Lael Brainard, the former Treasury undersecretary for international affairs, and would renominate current Fed Governor Jerome Powell to another term on the Fed Board. The moves had been expected–nonetheless, it is worth celebrating an excellent set of appointments. Stan Fischer is one of the leading macroeconomists and economic policymakers of our generation, and the Fed is fortunate to have him. (Full disclosure–Stan is a former professor of mine, and currently a colleague at CFR.) Jerome Powell has, by all accounts, played an important role at the Fed, and Lael Brainard brings a wealth of international policy experience to the position.
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