WASHINGTON, Jan 10 (Reuters) - President Barack Obama’s nomination on Friday of Stanley Fischer to be vice chairman of the Federal Reserve offered the first official indication that the central bank’s chief, Ben Bernanke, really will be departing soon.
The White House said it was nominating Fischer for both a four-year term as the central bank’s No. 2 and a term on the Fed board that expires Jan. 31, 2020.
That board term is the one currently being served by Bernanke. While Bernanke was widely expected to leave the Fed when his second four-year term as chairman expires on Jan. 31, no announcement of an impending departure had ever been made.