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Stanley Fischer is favored for Fed number 2 post: reports

WASHINGTON--The White House is close to nominating former Israeli central bank chief and Ben Bernanke mentor Stanley Fischer as vice chairman of the Federal Reserve, media reports said Wednesday.

The nomination is likely to come soon, The Wall Street Journal said, citing an unidentified source “familiar with the matter.”

Fischer, 70, would be the replacement for Janet Yellen, who will succeed, pending U.S. Senate approval, Fed chair Bernanke when he leaves at the end of January.

The star economist counts among his students and acolytes when he taught at the Massachusetts Institute of Technology from 1977 to 1988 both Bernanke and European Central Bank President Mario Draghi.

Born in Zambia, he has dual citizenship in the United States and Israel.

He was also chief economist at the World Bank in the late 1980s and then deputy managing director at the International Monetary Fund from 1994-2001.

Fischer was governor of Bank of Israel from 2005 until earlier this year. In 2011 he jumped into the race to become managing director of the IMF, a post ultimately won by France's Christine Lagarde.

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