Fischer Defends Citigroup Work in Senate Hearing

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March 13 (Bloomberg) -- Stanley Fischer, the nominee for Federal Reserve vice chairman, defended his experience at Citigroup, saying it was valuable in his role as bank supervisor. Peter Cook has more on Bloomberg Television's "Bottom Line." (Source: Bloomberg)

Today echo he did.

There is no doubt that he will be confirmed.

By the full senate.

Senators today particularly impressed with his resume.

They have been since the president first nominated him.

He is a legend in the economic circle.

His eight years as central governor for the bank of israel -- and pressing senators appear on capitol hill.

It is his resume that grew the most intense questions today.

His time at citigroup.

He spent three years with the bank on wall street and he was questioned about that by elizabeth warren.

She is no big fan of wall street.

He defended his time at citigroup saying it made him a better central banker and regulator.

Without that experience, i would not have seen the inside of the bank.

I thought that experience was extremely valuable.

That was about the toughest moment for fischer.

On the larger subject of monetary policy and the economy, fisher and the other two fed nominees up for consideration today -- none of them signaled any significant shift in policy away from what's going on in the fed right now.

The policies under janet yellin.

Fisher said that the fed needs to keep moving forward in dealing with the issue of unemployment, saying the economy has now returned to a state of normalcy and as a result, expansionist monetary policy is still justified.

He told senators he stresses th at he understands the pain that americans are still feeling.

Slow growth is not an abstraction.

It's people not finding jobs.

Slow growth is problems for families in meeting their food bill.

If one does not understand that, one should not be a policymaker.

Fisher did acknowledge the debate over whether or not the taper should speed up.

He did not express a preference for that.

He survived pretty unscathed today.

That one moment with elizabeth warren perhaps being his biggest test.

He spoke about the other nominees.

Any surprises there?

No real surprises again from jay powell.

Except maybe one issue.

All three were asked if they would support the idea of higher bank capital charges on the biggest things in the country.

An effort to address too big to fail.

All three of them said they would be open to that if it is deemed necessary in the future.

Not necessarily the message the big banks want to hear.

Coming up on bottom line, diane swan.

She testified before the

This text has been automatically generated. It may not be 100% accurate.

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