WASHINGTON — The Senate voted to end debate Tuesday evening on the nomination of Stanley Fischer to serve as vice chairman of the Federal Reserve Board.

Fischer, a prominent academic and former governor of the Bank of Israel, would replace Janet Yellen, who now oversees the board as chairman. The move comes as the Fed faces a shortage of board members, following several recent departures.

The Senate voted 62-35 on Tuesday to proceed with the confirmation, with a final vote expected as early as Wednesday evening.

Lawmakers are also expected to consider the nomination of Lael Brainard, a Treasury Department official, to the board, and the re-nomination of current Fed Gov. Jerome Powell, in coming weeks.

Jeremy Stein, another Fed governor, has said he will leave the Fed May 28 to return to academia, leaving just three of seven board seats filled, absent confirmation of the pending nominees.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.