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U.S. Fed nominee Fischer taught Bernanke, fought crises
WASHINGTON – Stanley Fischer, President Barack Obama’s pick to be vice chairman at the Federal Reserve, is a pragmatic policymaker who battled economic crises in Mexico and Asia and steered Israel’s economy safely out of the 2008 global financial meltdown.
He also grew up in a house with no running water, behind the general store his immigrant parents ran in present-day Zambia. Confirmation by the U.S. Senate would propel Fischer, 70, to the No. 2 spot at the world’s most powerful central bank.
In this new role, the former head of the Bank of Israel and the International Monetary Fund’s chief firefighter during the Asian financial crisis would face a fresh challenge: helping incoming Fed chief Janet Yellen manage the wind-down of the central bank’s bond buying without sabotaging the U.S. recovery.
Yellen, who won Senate confirmation on Monday to be the next Fed chair, is set to take the reins from Ben Bernanke once his term ends on January 31.
On Friday, Obama nominated Fischer to replace Yellen and nominated Lael Brainard, who recently served as the Treasury Department’s top official for international affairs, to serve on the Fed board. The president also nominated Fed Governor Jerome Powell to a new term on the board.
Fischer, who has both U.S. and Israeli citizenship, spent eight years running the Bank of Israel, retiring three years into his second five-year term in June. He was the second-in-command at the IMF from 1994-2001, and before that chief economist at the World Bank.
He taught economics at the Massachusetts Institute of Technology for many years, where his students included Bernanke, European Central Bank President Mario Draghi, and at least half a dozen other well-known economists and policymakers including former Obama adviser Lawrence Summers and Gregory Mankiw, who served as an adviser to President George W. Bush.
“The guy has got a lot of seniority, a tremendous amount of international experience,” said Jerry Webman, chief economist at OppenheimerFunds in New York. “Bringing in the international component … acknowledges there’s a feedback effect with monetary policy, currency (and) foreign monetary policy.”
Fischer’s recent and influential role in a foreign government could raise some eyebrows among the U.S. senators who would need to confirm him before he can take office.
So too could his time in the private sector. He was a vice chairman at Citigroup in the mid-2000s when it was the biggest bank in the world. During the financial crisis, Citi was among the institutions that received a U.S. government bailout.
SEES IT, CALLS IT
Often described as mild-mannered and genial, Fischer can also be prickly and forthright.
Last June, after then-Israeli Finance Minister Yuval Steinitz announced a plan to double Israel’s budget deficit target to 3 percent, Fischer warned the move could weaken the economy and force the central bank to raise interest rates.
“The last time this happened, we had to run to our rich uncle for guarantees,” he chided, referring to U.S. loan guarantees extended to recession-hit Israel in 2003. “But there is a problem with our rich uncle today: He’s not so rich and not as friendly.”
At the Bank of Israel, Fischer’s rate decisions often surprised markets, and sometimes went against the advice of his top officials. His decision in November 2008 to cut the policy rate by half a percentage point, for instance, had the support of only one of the five senior officials who consulted with him on the move.
“He calls it as he sees it,” said Bill Rhodes, former senior vice chairman at Citigroup who worked closely with Fischer when he was at the IMF. “And like everyone else, sometimes he’s wrong, but his policies have worked out very well in that eight-year period at the Bank of Israel.”
FINANCIAL CRISES
Fischer was born in what was then Northern Rhodesia, the son of Latvian and Lithuanian Jewish immigrants. When he was 13, his family moved to what is now Zimbabwe. In his last year of high school, he took a course in economics that hooked him for life.
He went on to study at the London School of Economics and then MIT, where he later became a professor. It was there, in 1977, that he famously argued that monetary policy can effectively boost employment, a hotly contested notion which is still controversial in some circles.
A two-and-a-half-year stint as chief economist at the World Bank whetted his appetite for policy work, and when he returned to MIT, he found it hard to re-adjust to academia.
“I remember going to theory seminars and saying to myself, what difference does it make whether this guy is right or wrong, why should anyone care about that theorem and so forth,” he told Olivier Blanchard, a former student and now the IMF’s chief economist, in a 2004 interview.
In 1994, Fischer got his chance to return to policymaking: Summers, who was then a top U.S. Treasury official, helped recruit him to be deputy managing director at the IMF.
Fischer played a big role in the IMF’s bailout of Mexico after the peso crashed in 1994, and he helped to arrange huge IMF loan packages for South Korea, Thailand, Indonesia and Russia during the Asian financial crisis that began in 1997.
His IMF term ended in 2001, and after a failed bid to lead the IMF, he became vice chairman at Citigroup.
In December 2005, while celebrating his wedding anniversary in the Caribbean, Fischer got a call: would he consider running the Bank of Israel, then-Finance Minister Benjamin Netanyahu asked.
Fischer jumped at the chance to return to the policy world.
Two years into the job, the financial crisis hit, and he responded by cutting the policy rate on October 7, 2008, a day ahead of similar moves by major central banks.
He was also the first central banker to raise rates, in 2009, after the worst of the crisis had passed for Israel.
In 2011, he established a six-person monetary policy committee that would vote on rate decisions that had before then been entirely his call.
But he continued his policy of doing what he thought best until the very end. Last May, at his next-to-last policy-setting meeting, Fischer used his double-vote to break a tie, opting for a smaller cut than half the panel members had wanted.
Israel’s economy has fared better than many since the crisis, in part because the Bank of Israel bought billions of dollars to keep Israel’s shekel currency from strengthening too much when the Fed launched its second round of bond purchases to push U.S. borrowing costs down. That program spurred investors to pour money into emerging economies, driving many of those currencies sharply higher.
But unlike officials in many other emerging economies, Fischer did not chastise the Fed for its super-easy policy; in fact, he called criticism of the U.S. policy “misplaced.”
More recently, Fischer has offered mixed assessments of the Fed’s bond-buying, calling it ugly and dangerous, but also effective and necessary.
“We really need to get back to more normal conditions, more normal monetary policy in the United States,” he said in August.
The Fed took its first step in that direction when it decided in December to reduce its monthly assets purchases to $75 billion from $85 billion, with a view to ending them sometime late in 2014.
Fischer also appears to have conflicting views on the other main tool the Fed is using to influence the economy these days – so-called forward guidance on how long it will keep interest rates at their current near-zero level.
“You can’t expect the Fed to spell out what it’s going to do,” he said earlier this year, “because it doesn’t know.”
– REUTERS
Nigeria’s victorious U-17 women’s national team, the Flamingos, have returned to Abuja following their historic triumph at the 2026 FIFA U-17 Women’s World Cup in Morocco.
The team arrived at the Nnamdi Azikiwe International Airport, Abuja, in the early hours of Monday, where they were received by officials of the Nigeria Football Federation (NFF) and supporters.
The Flamingos made history on Saturday after defeating Japan 2-1 in the final to win their maiden FIFA U-17 Women’s World Cup title, becoming the first African team to lift the trophy.
Goals from Awawu Bashiru and Oluebube Umejiaku secured the historic victory for Nigeria, capping an impressive campaign by the young players.
SEE ALSO: Tinubu Hails Flamingos After Historic World Cup Final Qualification, Urges Team to Win Trophy
The triumph followed another successful outing at the 2026 WAFU-B U-17 Girls Cup in Côte d’Ivoire, where the Flamingos recorded five victories from five matches, scoring 17 goals and conceding just once.
Head coach Hakeem Busari has described the team’s achievement as the outcome of sustained development, resilience and tactical discipline.
Speaking after the final, Busari said the performance of African teams at the tournament reflected the growing quality and competitiveness of women’s football on the continent.
“What we are seeing now is not a fluke. It is about development, it is about character, and it is about fighting from the beginning to really get it right. So we are elated and happy,” he said.
The coach also explained that his technical crew carefully studied Japan’s playing style before the final, particularly the team’s ability to win second balls and exploit spaces behind defensive lines.
He said the Flamingos adjusted their approach to limit Japan’s attacking opportunities, describing the encounter as a tactical contest that required collective defending, discipline and effective game management.
Busari expressed optimism that more African teams would progress to the latter stages of future editions of the competition.
Tinubu Congratulates Flamingos
President Bola Tinubu has congratulated the Flamingos on their historic achievement, describing the victory as a proud moment for Nigeria and a landmark for African women’s football.
In a statement issued on Sunday by his spokesperson, Bayo Onanuga, the President said he received the news following his return from campaign engagements in Akwa Ibom and Rivers states.
“What wonderful news to return home to! Our young girls have conquered the world and given Nigerians everywhere another reason to celebrate our great country.
“To our gallant Flamingos, I say congratulations. You have shown courage, discipline, determination and the Nigerian spirit of never giving up,” Tinubu said.
The President recalled that the players had promised to bring the trophy home following their semi-final victory, commending them for fulfilling their promise.
He particularly applauded Bashiru and Umejiaku for scoring the decisive goals, while praising the entire squad for their teamwork and determination throughout the tournament.
Tinubu also congratulated the coaching crew, the Nigeria Football Federation and the National Sports Commission for their contributions to the historic success.
He reaffirmed his administration’s commitment to grassroots sports development and expanding opportunities for young Nigerians, particularly girls, to discover and develop their sporting potential.
The African Democratic Congress (ADC) has warned the ruling All Progressives Congress (APC) against what it described as a dangerous attempt to weaken the opposition through judicial controversies, following a judgment by Justice Peter Lifu of the Federal High Court, Abuja, affecting the party’s leadership and the candidacy of former Vice President Atiku Abubakar.
The party alleged that the judgment, which reportedly sacked the Senator David Mark-led leadership and invalidated Atiku’s candidacy, was a desperate attempt to undermine the opposition and deny Nigerians the right to freely choose their leaders ahead of the 2027 general elections.
SEE ALSO: Atiku Raises Alarm Over Attacks on Sowore, ADC Governorship Candidate, Accuses APC of Intimidation
In a statement signed by its National Publicity Secretary, Bolaji Abdullahi, on Thursday, the ADC linked the timing of the judgment to the massive turnout at its presidential campaign rally in Sokoto, which took place barely 24 hours earlier.
The party claimed that the rally, which attracted thousands of supporters, had triggered panic within the ruling APC and accelerated the delivery of the judgment.
“We have reasons to believe that the judgment had long been written on this case. The Sokoto rally was simply a trigger that stampeded its delivery,” the statement read.
The ADC argued that the judgment went beyond the political ambitions of Atiku and David Mark, warning that its implications could affect thousands of candidates seeking elective positions at the local, state and federal levels.
It maintained that the development threatened the democratic rights of Nigerians and the participation of opposition candidates in the forthcoming elections.
The party also questioned the legal basis of the judgment, citing an earlier ruling by Justice Musa Liman of the same Federal High Court, delivered on July 2, 2026, in Suit No. FHC/ABJ/CS/1637/2025.
According to the ADC, the earlier judgment affirmed the legitimacy of the David Mark-led National Working Committee (NWC) and directed the Independent National Electoral Commission (INEC) to recognise the leadership.
The party argued that a court of coordinate jurisdiction cannot sit on appeal over, review, vary or nullify the subsisting judgment of another court of equal jurisdiction.
It said it would challenge the latest judgment through every available judicial process, adding that it was awaiting the Certified True Copy (CTC) to establish its precise terms, scope and operative orders.
The ADC further accused the APC of using judicial processes to frustrate opposition parties whenever they gained political momentum.
Warning against what it described as an attempt to eliminate political competition, the party said the peace and stability of Nigeria should not be sacrificed for the political ambitions of any individual or party.
“We warn the APC: do not play with fires you cannot control. The peace and stability of Nigeria are bigger than the ambition of any president or political party,” the statement added.
The party also challenged President Bola Tinubu and the APC to submit themselves to a free and fair electoral contest if they were confident in their performance and popularity.
“Nigeria belongs to Nigerians, not to the APC. The presidency is not an inheritance. If the President thinks he has performed well in office, why is he afraid of competition?” the ADC asked.
The controversy comes amid growing political activities ahead of the 2027 general elections, with the court judgment raising fresh questions about the ADC’s leadership and the status of candidates contesting under its platform.
Vice President Kashim Shettima has charged newly appointed Confederation of African Football (CAF) General Secretary, Samson Adamu, to protect and promote Nigeria’s interests while advancing the development of African football.
Shettima gave the charge on Tuesday at the Presidential Villa, Abuja, when he received Adamu, who was accompanied by a delegation led by the Chairman of the National Sports Commission, Shehu Dikko.
SEE ALSO: Sanwo-Olu Pledges Full Support as Lagos Prepares to Host 2026 CAF Awards
The Vice President congratulated Adamu on his appointment, describing his emergence as the first Nigerian to occupy the position in CAF’s 70-year history as a significant achievement for the country.
Conveying President Bola Tinubu’s goodwill, Shettima urged Adamu to approach his new responsibilities with integrity, diligence and a strong sense of national pride.
“The President is proud of you, Samson Adamu. Go and do a yo-man’s job. Go and promote, protect and project and preserve the interest of the Nigerian nation,” he said.
Shettima described football as an important instrument of national unity, noting that the sport brings Nigerians together irrespective of their differences.
“Anytime Nigeria plays, it tends to subsume all other identities. Football and sports generally is a source of unity for our country. What binds us together superseded whatever divides us,” he stated.
He attributed Nigeria’s achievements in sports to the quality of its people and the contributions of administrators, coaches, talent scouts and institutions responsible for identifying and developing sporting talents.
The Vice President also recalled the achievements of Nigerian football legends, including Rashidi Yekini, Austin ‘Jay-Jay’ Okocha and Finidi George, noting that their successes were supported by individuals and institutions that nurtured their abilities.
Earlier, Dikko thanked President Tinubu and the Federal Government for supporting sports development, saying the administration’s commitment had strengthened Nigeria’s international sporting profile and created opportunities for investment through sports.
He described Adamu’s appointment as a major milestone for Nigerian sports administration and disclosed that the Federal Government had approved Nigeria’s hosting of the CAF General Assembly in November and the CAF Awards in December 2026.
In his remarks, Adamu expressed appreciation to the Federal Government for its support, describing his appointment as a source of national pride.
He pledged to use his experience as CAF’s former Director of Competitions to strengthen the continental body’s administration and advance African football.
Adamu also promised to support Nigeria’s efforts to harness its football talents and maximise its potential in continental and global sports.
He was appointed CAF General Secretary on Sunday, November 1, 2026, following a recruitment exercise by the continental football governing body. He is expected to oversee CAF’s day-to-day administration.
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