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Jan. 13, 2014 – President Obama on Friday announced his intention to nominate three people to the Federal Reserve Board and that one of them, Stanley Fischer, would be nomined as vice chairman.

Fischer previously served as chief economist at the World Bank and first deputy managing director of the International Monetary Fund. He is currently Governor of the Bank of Israel.

Also to be nominated to the Fed Board are Lael Brainard, an economic adviser to the administration and the former Treasury undersecretary for international affairs, and current member of the Federal Reserve Board, Jerome Powell who will be nominated for a full five-year term.

Earlier this month, the Senate confirmed Janet Yellen as the next chair of the Federal Reserve Board to succeed Ben Bernanke, who completes his term at the end of this month.

Yellen will be the first woman to serve as Fed chair. Her term as chair will continue through January 2018.