Fischer gets nod from Senate to join Fed

|By:, SA News Editor

The Senate confirms former Bank of Israel chief Stanley Fischer as a member of the Federal Reserve, but has not yet set a date for a separate vote on his nomination to serve as vice chairman (he's expected to be confirmed easily), where he'll serve in the #2 slot behind Janet Yellen.

Fischer is likely to play a large role in the coming months/years as the Fed completes its extraordinary post-crisis easing and begins to tighten policy.

During his confirmation hearing, Fischer played the good soldier, more or less repeating the Yellen line that monetary policy needs to remain easy as long as employment and inflation are short of target.