Stanley Fischer, the nominee for vice chairman of the Federal Reserve, said he’ll sell his interests in financial companies including BlackRock Inc., American Express Co., T. Rowe Price Group Inc. and General Electric Co. if he is confirmed, according to disclosure documents.
Fischer and his wife will sell holdings in nine companies if the former governor of the Bank of Israel wins Senate confirmation, according to documents filed with the Office of Government Ethics.
“After confirmation but before I assume the duties of the position of Federal Reserve Governor, I will divest my interests,” in the companies, Fischer wrote. While Fischer has spent much of his career as an academic and government official, he served as vice chairman of Citigroup from 2002 to 2005 and amassed a personal fortune of between $14.6 million and $56.3 million, a sum that would make him one of the wealthiest Fed officials.
The disclosures are required as part of Fischer’s confirmation to become the central bank’s No. 2 official under Chairman Janet Yellen. The Senate Banking Committee will probably hold a hearing to consider Fischer’s nomination to the Fed during the final week of February, according to a committee aide. He will be considered alongside Lael Brainard, a former Treasury under secretary, and current Fed Governor Jerome Powell, who has been nominated for a second term.
Among Fischer’s holdings are the Citigroup Employee Fund of Funds in which he holds $100,000 to $250,000. Fischer also has holdings of $1 million to $5 million in the Blenheim Fund, according to the documents. Both holdings will be divested if Fischer is confirmed.
His largest single holding is residential real estate in New York City, valued between $5 million and $25 million. Fischer earned between $100,000 and $1 million in rent on the property, according to the disclosures.
Fed spokeswoman Michelle Smith didn’t immediately respond to a request for comment.
Until June, Fischer was the leader of the Bank of Israel. Since stepping down, he has hit the speaking circuit and earned about $283,000 in speech fees since August, according to the disclosures.
Upon joining the Fed, Fischer also said he will also resign his positions with the Peterson Institute for International Economics, the Blavatnik School of Government at the University of Oxford, and the Council on Foreign Relations.
© Copyright 2014 Bloomberg News. All rights reserved.