Obama Nominates Three to Federal Reserve Board

U.S. President Barack Obama has nominated three people to the board of the country's powerful central bank.

Obama named Stanley Fischer, a former governor of Israel's central bank who holds dual U.S. and Israeli citizenship, to be vice chairman of the Federal Reserve. If confirmed by the Senate, the 70-year-old Fischer would replace Janet Yellen, who is taking over as Fed chair next month as the eight-year tenure of Ben Bernanke expires.

Janet Yellen, of California, President Barack Obamas nominee to become Federal Reserve Board chair, is sworn in on Capitol Hill in Washington on Nov. 14, 2013. /AP Janet Yellen, of California, President Barack Obama's nominee to become Federal Reserve Board chair, is sworn in on Capitol Hill in Washington on Nov. 14, 2013. /AP

The president also nominated Lael Brainard, one of his former international economic advisers, to the seven-member board, and renominated current board member Jerome Powell for a second term.

The Fed board sets policies for the world's largest economy as it attempts to boost job growth and keep inflation in check.

VOA News / Jan. 11, 2014 09:52 KST