Fischer sworn in as Fed governor

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.

If confirmed for that post, he would take over the No. 2 slot at the Fed, which was vacated by Chairwoman Janet YellenJanet Louise YellenOvernight Finance: Lawmakers, Treasury look to close tax law loopholes | Trump says he backs gas tax hike | Markets rise despite higher inflation | Fannie Mae asks for .7B Bannon wanted Trump to keep Yellen as Fed chair: report Circumstances around Yellen's departure akin to Greenspan's MORE. He would help guide the end of the central bank's massive stimulus plan.

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.