Senate confirms Fischer to Federal Reserve Board

The Senate voted 68-27 Wednesday to confirm Stanley Fischer to be a member of the Federal Reserve Board of Governors.

Fischer will serve as Federal Reserve Chairwoman Janet Yellen’s No. 2 on the board. Although Senate Majority Leader Harry Reid (D-Nev.) said that because of Republican obstruction, the Senate would once again have to vote to give Fischer the title of vice chairman but he will be able to serve on the board immediately.

Obama chose Fischer, who has served in top roles at the International Monetary Fund and the Bank of Israel, to take over for Yellen, who has taken the reins of the central bank when Chairman Ben Bernanke left. 

When Obama nominated Fischer at the beginning of the year, he said Fischer "brings decades of leadership and expertise" and "he is widely acknowledged as one of the world’s leading and most experienced economic policy minds."

The president said he is confident that Fischer and Yellen would “make a great team.”

On Tuesday, the Senate voted 62-35 to end debate on his nomination.