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U.S. Senate Committee on Banking, Housing, and Urban Affairs
Federal Reserve nominee Stanley Fischer defends Citigroup tenure
Federal Reserve nominee Stanley Fischer defends Citigroup tenure

WASHINGTON -- Stanley Fischer, the former Bank of Israel president nominated for the Federal Reserve's No. 2 job, defended his work on Wall Street and told senators at his confirmation hearing Thursday that he understood the effect of economic problems on average Americans. Pressed more by Democrats than Republicans on his background, Fischer said his tenure as vice chairman of Citigroup Inc. from 2002 to 2005 was key to his ability to oversee financial institutions as a central banker. "Without that experience, I would have come to it with largely an academic background, without ever having seen the inside of a bank," Fischer said at his confirmation hearing. "I...

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