Former Governor of the Bank of Israel Prof. Stanley Fischer is set to replace Janet Yellen as US Federal Reserve Vice Chairman when she becomes Chairman next month, according to reports from press agencies. Fischer is reportedly President Barack Obama's preferred candidate for the post.

"Bloomberg" cites a source close to the matter as saying that Obama has already offered the job to Fischer who accepted it.

Fischer who was in Israel earlier this week to address the "Globes" 2013 Israel Business Conference strongly hinted that he was about to begin a new job. He said, "I'm currently looking for a job. I was advised not to take a position until I'd waited six months and that will be in another three weeks so I'm probably close to a decision."

"The Wall Street Journal" said that Obama is very close to announcing the appointment of Fischer. Next week the US Senate will vote to approve Yellen's appointment and if there are no hitches she will replace current Fed Reserve chairman Ben Bernanke next month.

Fischer, 70, stepped down as Governor of the Bank of Israel in June, midway through his second term. He holds dual Israeli and US citizenship.

"The New York Times" suggests that Fischer's experience in serving a foreign government could prove a stumbling block in the Senate hearing to approve his candidature, as could his three years as Citigroup vice chairman between 2002-2005, a period of expansion that eventually led to a Federal bailout.

Published by Globes [online], Israel business news - www.globes-online.com - on December 12, 2013

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