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Stanley Fischer testifying to the Senate Banking, Housing, and Urban Affairs Committee on his nomination to be the vice chairman of the Board of Governors of the Federal Reserve System on March 13, 2014 on Capitol Hill in Washington, DC. (MANDEL NGAN/AFP/Getty Images)

The U.S. Senate confirmed Stanley Fischer as a member of the Federal Reserve in a 68-27 vote today, leaving the economist well on his way to succeeding Janet Yellen as vice chairman of the Fed. Fischer, who has dual American and Israeli citizenship, retired as the head of Israel’s Central Bank in January 2013 after nearly a decade in the post. He previously worked at the International Monetary Fund and the World Bank.

Fischer’s name surfaced quickly as a likely successor when Yellen ascended to the role of Fed chair in December, with his legacy of keeping the Israeli economy on track during the economic downturn likely a strong factor in his appeal.

Fischer now faces another vote within the Fed to determine whether he will succeed Yellen.

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