Former Bank of Israel Governor Stanley Fischer, who has been nominated by U.S. President Barack Obama as vice chairman of the Federal Reserve, has disclosed assets of as much as $56.3 million, the Bloomberg news service reported Thursday, adding that Fischer would sell his shares of financial firms if he is confirmed for the post.
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As the nominee for Fed vice chairman, Fischer has not been asked to disclose a specific value of his assets but rather a range, and he stated his wealth was between $14.6 million and $56.3 million, including residential real estate in New York and property in Bulawayo, Zimbabwe, Bloomberg reported. Fischer was born in what is now Zambia and spent some of his early years in Rhodesia (present-day Zimbabwe).
Fischer was governor of the Israeli central bank from 2005 until the middle of 2013. Bloomberg noted that although he spent much of his career in government and academia, Fischer was vice chairman of Citigroup between 2002 and 2005, and “amassed a personal fortune of between $14.6 million and $56.3 million, a sum that would make him one of the wealthiest Fed officials.” Bloomberg also said that since Fischer stepped down as head of the Bank of Israel last June, he has been on the speaking circuit, earning about $283,000 in fees for his speeches since August, according to his disclosures.
Fischer and his wife would sell holdings in nine firms, including BlackRock, American Express, T. Rowe Price and General Electric, if confirmed by the U.S. Senate, according to documents filed with the Office of Government Ethics. “If he’s going to sell all his financial stuff, whether it’s regulated by the Fed or not, that’s erring on the side of caution and probably going beyond what he’s required to do,” said Mark Calabria, the director of financial regulation studies at the Cato Institute in Washington.