Fischer Confirmed by Senate as Fed Governor in 68-27 Vote

[ProSense]

Fischer Confirmed by Senate as Fed Governor in 68-27 Vote

By Jeff Kearns

The U.S. Senate confirmed former Bank of Israel Governor Stanley Fischer to the Federal Reserve Board of Governors, while postponing a separate vote on his nomination to be vice chairman of the central bank.

Fischer, 70, was approved today on a 68-27 vote, leaving little doubt that he will win Senate support to fill the No. 2 role Janet Yellen vacated in February when she succeeded Ben S. Bernanke as Fed chair. The Senate will vote at “some later time” on confirming Fischer as vice chairman, said Majority Leader Harry Reid, a Nevada Democrat.

That vote would give Yellen, who urged the White House to offer Fischer her former position, a trusted and tested deputy to help her unwind the most aggressive monetary stimulus in the Fed’s history. Fischer has crisis-fighting experience, having spent much of the past quarter-century in global policy making as a former World Bank chief economist, top International Monetary Fund official and central banker.

As vice chairman, who traditionally is the chairman’s main ally and is chosen for a key assignment, Fischer probably would take up the role Yellen formerly played on communications strategy, according to Roberto Perli, a former Fed board economist.

- more -

http://www.bloomberg.com/news/2014-05-21/fischer-confirmed-by-senate-as-fed-governor-in-68-27-vote.html

Roll call: http://www.senate.gov/legislative/LIS/roll_call_lists/roll_call_vote_cfm.cfm?congress=113&session=2&vote=00160

[frazzled]

1. All 27 nay votes were Republican

In case no one clicked the link to look.

[ProSense]

2. Thanks. n/t