Stanley Fischer confirmed as Federal Reserve vice chair

WASHINGTON, D.C. (SDJW) — Stanley Fischer, who once governed the Bank of Israel, was confirmed on a 63-24 vote to serve as vice chairman of the U.S. Federal reserve.  He succeeds Janet Yellen, who was elevated to the top position in the Fed, succeeding Ben Bernanke.  Fischer, Yellen and Bernanke all are members of the Jewish community.

Senator Bernie Sanders, Independent – Vermont, was among the senators voting against the confirmation of  Fischer, as well as regular Federal Reserve Board members Lael Brainard and Jerome Powell.

In explaining his vote, Sanders said:  “Congress requires the Fed to maximize employment and minimize inflation. At a time when real unemployment in the United States is more than 12 percent, it is clear that the Fed is not doing enough to help create the millions of decent-paying jobs that Americans desperately need.  We need Fed governors who will act with a fierce sense of urgency to address the unemployment crisis that our nation faces.

“We also need tough financial regulators who will stop the reckless gambling on Wall Street and prevent another financial crisis from happening again. We need the Fed to stand up to Wall Street and their powerful lobbyists and fight for policies that protect the working families in our country.

“I do not believe that any of these nominees fit that bill.”

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The Israeli American Council (IAC) provided a different reaction:, issuing a statement immediately following the vote: “We congratulate Israeli-American Stanley Fischer who was officially appointed just moments ago by the Senate to serve as Vice Chairman of the United States Federal Reserve. This appointment is not only a source of pride for Fischer, but also to the entire Israeli community living in the U.S. today,” said Sagi Balasha, CEO of the Israeli American Council (IAC), who also served in the past as a senior director in the Israeli Government’s Finance Ministry.

“This appointment demonstrates the strategic long-term partnership that exists between Israel and the United States in all aspects, including the economy. Fischer made a significant contribution to Israel’s economy in recent years and I have no doubt he will also contribute greatly to the U.S. economy in his new role.”

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