WASHINGTON — Stanley Fischer was sworn in as a member of the Federal Reserve Board on Wednesday.

Fischer, a renowned economist and a former governor of the Bank of Israel, took the oath administered by Fed Chair Janet Yellen in the central bank's special library.

The new governor was confirmed by the Senate on May 21, but is still awaiting his confirmation for the position as Vice Chair. His term as a Fed governor will expire on Jan. 31, 2020.

Fischer was among three nominees named by President Obama in January to serve on the Fed board. Lael Brainard, the U.S. Treasury Department's former undersecretary for international affairs and current Fed Gov. Jerome Powell are still awaiting Senate confirmation.

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