WASHINGTON (6/16/14)--Last week, the Senate confirmed three new officials to join the Federal Reserve's board of governors. Stanley Fischer was named vice chair of the Fed, while Lael Brainard and Jerome Powell were confirmed as board members.
Fischer, who will serve directly under Fed Chair Janet Yellen, has been involved in international banking for several decades. He served as chief economist for the World Bank from 1988 to 1990 and was first deputy managing director of the International Monetary Fund from 1994 to 2001.
In 2005 he was appointed governor of the Bank of Israel, where he served until 2013. President Barack Obama nominated Fischer for vice chair of the Fed in January. Fischer was approved by a vote of 63-24.
Brainard was an associate professor of applied economics at the Massachusetts Institute of Technology Sloan School of Management before taking the position of deputy national economic adviser and chair of the Deputy Secretaries Committee on International Economics in the Clinton administration.
In 2010 she became the undersecretary of the Treasury for international affairs, where she served until November 2013. She was confirmed to the Federal Reserve board of governors by a 61-31 vote in the Senate last week.
Powell took his position on the board of governors in May 2012 to fill a term that expired in January of this year. He was confirmed by a Senate vote of 67-24.
Before being named to the board, he served as a visiting scholar at the Bipartisan Policy Center in Washington, D.C., and was an assistant secretary and undersecretary of the Treasury under in the George H.W. Bush administration.