Jacob Frenkel appointed to replace Stanley Fischer as Israel’s head banker

JERUSALEM (JTA) — Former Bank of Israel Governor Jacob Frenkel has been reappointed to the position.

If approved by the Cabinet, Frenkel, whose appointment was announced Sunday by Prime Minister Benjamin Netanyahu and Finance Minister Yair Lapid, would serve his second stint as governor of the Bank of Israel.
Frenkel previously served in the position from 1991 to 2000, resigning during his second term.

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He will succeed Stanley Fischer – the former MIT professor, former chief economist at the World Bank between 1988 and 1990 and former first deputy managing director at the International Monetary Fund from 1994 to 2001 – who announced his resignation in January, two years before the scheduled end of his second term. Fischer had recommended and supported Karnit Flug, his deputy governor, to succeed him.

Frenkel currently serves as the chairperson of JP Morgan Chase International. He formerly served as vice president for AIG, and quit the position just before the company collapsed in 2007 during the U.S. mortgage crisis. He is a graduate of Hebrew University in economics and has a Ph.D from the University of Chicago. He also won the Israel Prize for economics in 2002.

Frenkel will start in the position several weeks after Fischer leaves at the end of the month.