Fischer poised to be Fed's No. 2

Stan Fischer, the former Bank of Israel governor, is in line to take over the No. 2 slot at the Federal Reserve, according to media reports.

Fischer, who holds both American and Israeli citizenship, would take over for Janet Yellen, President Obama's choice to become Fed chairman. The Senate is expected to confirm Yellen before leaving town for the year.

According to Bloomberg, Fischer has already accepted the vice chairman position from Obama. The Wall Street Journal described Fischer as a "dean" among the world's central bankers, and said he would stand as a "heavyweight partner" with Yellen as the Fed decides when and how to wind down it stimulus programs.