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Posts Tagged ‘Stanley Fischer’

Stanley Fischer Confirmed as US Fed’s No. 2

Thursday, May 1st, 2014

Former Bank of Israel Governor Stanley Fischer is back in the United States.

Fischer has just been confirmed by the U.S. Senate Banking Committee to become the Vice Chairman of the powerful Federal Reserve Board, serving as the Fed’s number 2 after Fed Chairwoman Janet Yellen.

The unanimous vote came Tuesday along with approvals for the appointment of Under Secretary of the Treasury for International Affairs, Lael Brainard, and Fed Governor Jerome Powell, for another term.

Fischer served as the Governor of the Bank of Israel from May 2005 until June 2013.

He came to Israel from his position as Vice Chairman of Citigroup, and President of Citigroup International.

Fischer also served as First Deputy Managing Director of the International Monetary Fund, and Vice President, Development Economics and Chief Economist at the World Bank.

He was born in Zambia in 1943, received his Bachelor of Science degree in Economics at the London School of Economics and his PhD in economics at MIT.  Fischer held various positions as a professor, including one as a visiting professor at the Hebrew University in Jerusalem.

Obama Nominates Fischer as Fed Vice Chairman

Saturday, January 11th, 2014

President Obama nominated Stanley Fischer, the former governor of the Bank of Israel, to be the vice chairman of the Federal Reserve.

The Friday nomination comes the same week that the Senate confirmed Janet Yellen as Federal Reserve’s chairwoman, the third Jewish person to hold the post in succession, following Ben Bernanke and Alan Greenspan.

“Stanley Fischer brings decades of leadership and expertise from various roles, including serving at the International Monetary Fund and the Bank of Israel,” Obama said of Fischer, who helmed the Bank of Israel from 2005 until last year. “He is widely acknowledged as one of the world’s leading and most experienced economic policy minds and I’m grateful he has agreed to take on this new role and I am confident that he and Janet Yellen will make a great team.”

Fischer, 70 and born in Zambia, is a dual U.S.-Israeli citizen. He previously held senior positions at the World Bank and the International Monetary Fund.

Obama Plans to Name Stanley Fischer as Vice Chairman of the Fed

Wednesday, December 11th, 2013

The Obama administration is close to announcing that former Israel Bank Governor Stanley Fischer will take over the number two position at the Federal Reserve Bank under recently confirmed director Janet Yellen.

Fischer was hoping to be named head of the Fed,  but at 70, his age was a barrier.

Fischer is widely respected in financial circles, and he has been credited, perhaps too much, with having steered Israel’s economy to become one of the world’s strongest  during the global crisis after the 2008 financial fallout in the United States.

Fischer also is seen as being responsible for keeping down the value of the shekel against the dollar so that exports would not suffer.

He left the United States to take over as Governor of the Bank of Israel in 2005, agreeing to make aliyah because the job required his becoming an Israeli citizen. However, his Zionism lasted only as long as he wanted to stay on the job. He quit in the middle of his second term earlier his year and moved back to the United States.

Since quitting, he has been more vocal in his opinions that Israel must concede to most Palestinian Authority demands.

Ex-Teva CEO Jeremy Levin Says He Is Staying in Israel – for Now

Wednesday, November 20th, 2013

Jeremy Levin, who moved to Israel last year to take over the helm at Teva Pharmaceuticals only to be fired last month, say he loves Israel and is staying here, at least for the time being.

Unlike Stanley Fischer, who made aliya to take over the post of Governor of the Bank of Israel and then packed up and left earlier this year, Levin is a lot more outgoing an expresses himself on a more personal level.

“I intend to devote my time in the short term to get to know Israel and Israelis, and to see everything that this country has to offer,” Levin told graduates in the masters program for business administration at Tel Aviv University Tuesday.

“There is special warmth and love in Israel, and I’m proud to be an Israeli,” he added. “Follow your hearts, dream big, learn from mistakes and appreciate the loss in order to learn from it.”

He also said he looking for work.

“As for myself, I immigrated and I’m now unemployed, so if you have some interesting offers…,” Levin told the graduates.

Levine expressed the same views as  Fischer and his successor Karnit Flug that Israel needs to “educate all sectors of society and include all the nations: Christians, Jews, Muslims, groups such as the Haredim, the Druze, everyone. Everyone should be an important contribution to the economy.

Karnit Flug Named as Governor of Bank of Israel

Sunday, October 20th, 2013

PM Netanyahu and Finance Minister Lapid announced that acting Bank of Israel Governor Karnit Flug will be appointed as the next governor.

Flug will be the Bank of Israel’s first female governor.

Flug was not Netanyahu’s first choice to replace Stanley Fischer, but his other choices were either disqualified, or backed out before they become political targets by those trying to influence the selection process.

On the other had, Flug was Fischer’s preferred choice for the position.

Summers, Harvard’s First Jewish President to Replace Bernanke

Friday, September 13th, 2013

Lawrence Summers, who was the first Jew to become president of Harvard University, will replace Ben Bernanke to head the Federal reserve, the Japanese newspaper Nikkei reported early Friday morning. It cited unnamed sources.

Bernanke’s term expires in January, and Summers was competing with Janet Yellen, currently the vice chairman of the Fed, for the post. Stanley Fischer, who recently quit in the middle of his second term as Governor of the Bank of Israel and returned to the United States, reportedly wanted the post. His age was one major factor that kept him from being a front runner.

Summers’ mother was of Romanian-Jewish ancestry, and his father, whose father’s name was Samuelson, was Jewish. Both parents were economist, and Summers Is the nephew of Paul Samuelson, known to thousands of university graduates for his textbooks on economics.

In 2002, Summers wrote of himself, “I am Jewish, identified but hardly devout.”

Shekel-Dollar Rate Sinks Below 3.53

Thursday, August 8th, 2013

The American dollar’s worldwide weakness helped drive down the shekel-dollar rate to below 3.53 shekels to the dollar Thursday, the lowest level since September 2011. One shekel now is worth 28 cents.

Analysts have pointed to the lack of certainty over who will replace Stanley Fischer as Governor of the Bank of Israel, but the main influence on the shekel has been the weakening dollar.

Intervention by the Bank of Israel, which bought $100 million of dollars Wednesday, did little to weaken the shekel against speculators who are betting on the shekel dollar rate to continue to drop. The shekel might weaken is and when the Federal Reserve Board explicitly announces it will reduce its bond purchases.

Printed from: http://www.jewishpress.com/news/breaking-news/shekel-dollar-rate-sinks-below-3-53/2013/08/08/

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