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May 29, 2014 – Stanley Fischer took the oath of office Wednesday as a member of the Board of Governors of the Federal Reserve System. Board Chair Janet Yellen administered the oath of office.

Wednesday's swearing-in of Fischer, conducted in the Fed's Special Library, will leave the Fed Board with four of its seven seats filled beginning in June. Fed Gov. Jeremy Stein, who met with NAFCU's board last December at Fed headquarters, is set to step down from his post at the end of this month. Fischer is meanwhile awaiting confirmation to be the Fed's vice chair.

Fed Board nominees Jerome Powell (nominated to a new term) and Lael Brainard have been cleared by the Senate Banking Committee and await Senate confirmation, as does Mark McWatters, nominated to the NCUA Board.