By Vicki Needham - 05/28/14 05:15 PM EDT
Stanley Fischer was sworn in Wednesday as a member of the Federal Reserve’s seven-member board, partly shoring up the central bank’s depleted ranks.
President Obama nominated Fischer to take over as vice chairman but the Senate still must schedule a vote for that position, which is expected to go through the upper chamber.
The former head of the Bank of Israel was confirmed last week by the Senate. He is filling an unexpired term that ends Jan. 31, 2020.
Fischer is a former professor at MIT, which is where he received his Ph.D., a vice chairman at Citigroup and a first deputy managing director at the International Monetary Fund.
The White House has been scurrying to fill board vacanices. Jerome Powell, who has served on the Fed board since 2012, and Lael Brainard, who held a top spot at the Treasury Department, are awaiting Senate confirmation.