Stanley Fischer To Be Nominated Fed Vice Chair: Reports

The White House is near naming Stanley Fischer, who led the Bank of Israel for eight years until he stepped down in June, to be the vice chairman of the U.S. Federal Reserve, according to several reports on Wednesday.

Fischer, 70, is one of the best-known figures in international economic policy. At the Massachusetts Institute of Technology, he once taught current Fed Chairman Ben Bernanke.

In addition to Bernanke, the list includes Mario Draghi, the president of the European Central Bank; N. Gregory Mankiw, chairman of the Council of Economic Advisers under President George W. Bush; and Olivier Blanchard, chief economist at the International Monetary Fund.

Fischer left academia in 1988 to become chief economist at the World Bank. He then joined the International Monetary Fund, where he worked closely with U.S. officials during the Asian financial crisis.

The Senate is expected to vote on confirmation of Janet Yellen's nomination as the next Fed chief next week. If confirmed, Fischer would replace Yellen as the second highest Fed official when she takes over the top spot.

Fischer was born in Zambia but has dual Israeli and U.S. nationality.