Stanley Fisher had a ½ confirmation. He´s been confirmed as Board of Governors member but still awaits confirmation as Vice-Chair (how ridiculous can that be?)
Lael Brainard is on the ‘confirmation queue’, while Jerome (who?) Powell is on “probation” waiting to be “allowed to continue” in his post for another term.
After these Board seats are filled, one will remain empty!
As Ozy put it in January:
Thanks in part to their lengthy 14-year terms, Brainard and the other Fed newbies will help the president leave a stamp on the most watched economic body in the world long after he’s left 1600 Penn.
But if the Fed continues ‘messing-up’, it will be a worthless ‘penny stamp’.
Stanley Fisher ‘lucked-out’ (US definition) during his tenure at the Bank of Israel, when the country managed to avoid the worst of the international crisis.
It´s encouraging (at least for market monetarists) to observe that that was very likely due to the fact that Israel managed to maintain nominal aggregate demand (NGDP) on a level trend, not falling prey, like the US and others, to the siren song of the oil price rise.
Apparently he doesn´t even know that was the case because in his ‘farewell speech’ last year he said offhandedly:
There are those who support setting a nominal GDP target. I think that this is very impractical. The data that we receive on nominal GDP are very unstable. There are changes of whole percentage points between the various estimates of GDP. For this reason, I think that there is no reason to use nominal GDP as a target.
One piece of good news: As of today Jeremy “in all the cracks” Stein will be there no more!