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Yellen Met With Fischer Soon After Her Nomination as Fed Chief

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U.S. Federal Reserve Chair Janet Yellen
U.S. Federal Reserve Chair Janet Yellen. Photographer: Andrew Harrer/Bloomberg

July 23 (Bloomberg) -- Just days after her nomination to lead the Federal Reserve, Janet Yellen got in touch with Stanley Fischer, the former Bank of Israel governor who later became her chief deputy.

Following her Oct. 9 nomination, Yellen -- then Fed vice chair -- met with Fischer for an hour on Oct. 12, a Saturday, her daybook shows. She received a phone call from Fischer on Oct. 15 and talked with him by phone again on Dec. 16.

The contacts highlight Yellen’s role in bringing Fischer to the attention of the White House as a possible candidate to succeed her, as reported by Bloomberg News on Jan. 10, the day he was nominated by President Barack Obama. Fischer took office as a governor on May 28 and was sworn in as vice chairman on June 16.

Yellen, 67, became Fed chair on Feb. 1. She met with Fischer this year for three hours on Jan. 16 and for 90 minutes over lunch on Feb. 4. She also held meetings with him on Feb. 7 and March 4, according to her daybook, which was obtained by Bloomberg News through a Freedom of Information Act request.

Yellen’s other appointments show that her work as then-Fed Chairman Ben S. Bernanke’s top lieutenant involved extensive contacts with the 12 reserve banks, Fed staff, international policy makers, financial executives, and, after her nomination in October, members of Congress.

Yellen’s experience as president of the San Francisco Fed from 2004 to 2010 provided the background for her role in reserve bank oversight for the Fed Board, and her schedule shows steady involvement with the central bank’s system of 12 regional banks.

Retirement Announced

On April 15, 2013, for example, her day started at 8 a.m. with a phone call with an undisclosed reserve bank president. That was followed by a call with a reserve bank director at 8:30 a.m. in Washington. At 9 a.m., she spoke with a reserve bank “candidate.” While the position available isn’t disclosed, former Cleveland Fed President Sandra Pianalto announced her retirement in August last year. She was succeeded by Loretta Mester.

After a staff meeting from 11 a.m. until noon, Yellen met with the Fed Board’s Committee on Reserve Bank Affairs until 2 p.m., when she received a phone call from James Gorman, chairman and chief executive officer of Morgan Stanley.

From 3 p.m. to 5 p.m., she held a meeting on payment systems, and then with the Fed Board from 5 p.m. to 5:30 p.m.

During the course of last year, Yellen met with Wells Fargo & Co. Chairman and Chief Executive John Stumpf; JPMorgan Chase & Co.’s James Dimon and Lloyd Blankfein of Goldman Sachs Group Inc.

This year, as Fed chief, she met for breakfast with chief executive officers who are members of the Financial Services Roundtable on March 25.

To contact the reporter on this story: Craig Torres in Washington at

To contact the editors responsible for this story: Chris Wellisz at James L Tyson

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