The U.S. Senate on Thursday confirmed President Barack Obama's nomination of Stanley Fischer to be vice chairman of the Federal Reserve, reports The Associated Press (AP).
According to the report, the Senate voted 63-24 to approve the nomination of Fischer, the former governor of the Bank of Israel, to the Fed's No. 2 post.
Two weeks ago, Fischer was sworn in as a member of the Federal Reserve's board of governors, a move that brought him a step closer to become vice-chair.
Fischer is considered one of the top economic minds of his generation, both for his academic work and for his policymaking. He was the number 2 at the International Monetary Fund during the Asian economic crisis in the 1990s and was governor of the Bank of Israel through the global financial crisis a decade later.
In 2011, Fischer attempted to run for the position of head of the International Monetary Fund, but he was disqualified due to the fact that his age at the time was two years beyond the ceiling set by the organization’s bylaws.
He stepped down as governor of the Bank of Israel last June, midway through his second five-year term, and was ultimately replaced by Dr. Karnit Flug, who had served as his deputy.