WASHINGTON — President Obama's nominee to become vice chair of the Federal Reserve Board defended his tenure at Citigroup Thursday, telling senators his time in the private sector helped ready him for public service.

Stanley Fischer, who testified before the Banking Committee along with two other nominees for the Fed board, agreed there are potential concerns about the revolving door between Wall Street and government. But he argued his time at the banking giant, where from 2002 to 2005 he served in a variety of positions including heading up Citigroup International, made him a better regulator when he left to become governor of Israel's central bank. (He stepped down from the Bank of Israel last year.)

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