Governor Bank of Israel slated as President of New York Federal Reserve Bank

Stanley Fischer, the governor of the Bank of Israel, is reportedly again a candidate to replace Timothy Geithner as president of the New York Federal Reserve Bank, according to media reports.

Geithner has been nominated for Treasury Secretary of the Barack Obama administration.

The New York Fed is the most important of the 12 regional Fed banks. The instuitution serves as the U.S. central bank's most direct link to Wall Street as well as its chief crisis manager.

The New York Fed is moving ahead with seeking a permanent replacement for Geithner, its chairman Stephen Friedman said last week.

Apart from Friedman, Geithner and Fed Chairman Ben Bernanke will likely have the most say in who is selected, economists said.

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