Fischer sworn in as member of U.S. Federal Reserve's board

Stanley Fischer, the former chief of the Bank of Israel, testifies before the Senate Banking Committee confirmation hearing on his nomination in WashingtonFormer Bank of Israel Governor Stanley Fischer was sworn in as a member of the Federal Reserve’s board on Wednesday, buttressing the U.S. central bank’s depleted policymaking ranks as officials map out plans to exit from their extraordinary stimulus. Fed Chair Janet Yellen administered the oath of office in a ceremony at the central bank, the Fed said in a statement. Fischer’s arrival will ensure the normally seven-person board – the nucleus of U.S. monetary policymaking – does not slip below four. Fed Governor Jeremy Stein previously said he would depart on Wednesday.

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