WASHINGTON — President Obama on Friday formally announced plans to nominate three top officials to serve as governors of the Federal Reserve Board.

The president named Stanley Fischer, former governor of the Bank of Israel, to serve as vice chair, succeeding Janet Yellen, who was just confirmed as Fed chair by the Senate earlier this week.

He also intends to appoint Lael Brainard, former undersecretary for international affairs at the U.S. Treasury and current Fed Gov. Jerome Powell for a second term.

Powell has been a member of the Fed board since May 2012, but his term will expire this month.

"These three distinguished individuals have the proven experience, judgment and deep knowledge of the financial system to serve at the Federal Reserve during this important time for our economy," said Obama in a press release announcing his plans.

The president's nominations will fill all the vacant seats on the board that were left empty by former Fed Gov. Elizabeth Duke and outgoing Fed Chairman Ben Bernanke, whose term expires on Jan. 31.

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