Stanley Fischer testifies during a Senate Banking, Housing and Urban Affairs Committee hearing on the confirmation of him to be the vice chairman of the Federal Reserve on Capitol Hill in Washington D.C., the United States, March 13, 2014. (Xinhua/Yin Bogu)
Fed vice chair nominee voices support for current policy, stresses financial stability
WASHINGTON, March 13 (Xinhua) -- Stanley Fischer, U.S. President Barack Obama's pick for the Federal Reserve vice chair, on Thursday expressed his support for the current path of monetary policy and emphasized the role of the central bank in ensuring financial stability.
"At present, achievement of both maximum employment and price stability requires the continuation of an expansionary monetary policy -- even though the degree of expansion is being gradually and cautiously cut back as the Fed reduces its monthly purchases of longer-term Treasury securities and agency mortgaged-backed securities," Fischer said during a confirmation hearing before the Senate Banking Committee. Full story