Former Fed Vice Chair Stanley Fischer Dies at 81

Stanley Fischer, a prominent economist and former Federal Reserve vice chair, has died at age 81, the Bank of Israel confirmed Saturday night. The cause of death was not disclosed. Born in Zambia, Fischer held dual U.S.-Israeli citizenship and played a pivotal role in shaping global economic policy for decades.

Fischer's academic legacy began at MIT, where he mentored future central bankers including former Fed Chair Ben Bernanke and ex-ECB President Mario Draghi. He also served as chief economist at the World Bank and as first deputy managing director of the International Monetary Fund during the Asian financial crisis, before becoming vice chairman at Citigroup from 2002 to 2005.

From 2005 to 2013, Fischer led the Bank of Israel, helping the nation navigate the 2008 global financial crisis with minimal damage. He modernized Israel’s monetary policy by creating a committee to set interest rates, aligning with practices of advanced economies. He previously contributed to Israel’s 1985 economic stabilization plan amid hyperinflation.

In 2014, Fischer was appointed vice chair of the U.S. Federal Reserve, serving until 2017. He later sat on the board of Bank Hapoalim in 2020 and 2021. Fischer's leadership and economic foresight earned widespread praise. Current Bank of Israel Governor Amir Yaron called his contributions “truly significant,” while Israeli President Isaac Herzog lauded him as “a man of integrity” who strengthened Israel’s economy and global reputation.

Prime Minister Benjamin Netanyahu, who appointed Fischer as central bank governor in 2005, described him as “an outstanding economist and great Zionist” who left the U.S. to serve Israel. Fischer’s global impact, quiet demeanor, and commitment to economic stability made him one of the most respected figures in modern finance.