Fischer testifies before the Senate Banking Committee confirmation hearing on his nomination.
Fischer testifies before the Senate Banking Committee confirmation hearing on his nomination on Capitol Hill. March 13, 2014. Photo by Reuters
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The U.S. Senate Banking Committee on Tuesday approved the nomination of Stanley Fischer, the former Bank of Israel governor, to be the Federal Reserve’s second-ranking official.

The panel also backed the nominations of former senior U.S. Treasury official Lael Brainard and current Fed Governor Jerome Powell, who was nominated for another term. All three nominees were approved on a unanimous voice vote.

The nominations are now cleared to go before the full Senate for final confirmation votes. A date for Senate consideration has not yet been officially set.

Fischer’s previous roles include the No. 2 spot at the International Monetary Fund, chief economist at the World Bank and vice chairman at Citigroup. Born in Zambia, he is highly regarded in monetary policy circles. The combination of veteran Fed policymaker Janet Yellen leading the central bank and Fischer as second in command comes with high expectations, though Fed watchers will have to wait and see just how well the two work together in their roles.