WASHINGTON, Jan. 10 (UPI) -- President Obama named Stanley Fischer, former governor of the Bank of Israel, to serve as vice chairman Friday of the U.S. Federal Reserve board.

The president named Lael Brainard, one of his top economic advisers, to serve as a governor of the fed and nominated Jerome Powell to a second term.


"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. "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."

Brainard served as treasury undersecretary for international affairs from 2010 to 2013. Powell, who was first named to the Fed board in 2012, was a treasury official in President George H.W. Bush's administration.