Former Bank of Israel Governor Stanley Fischer was sworn in as a member of the Federal Reserve's board of governors Wednesday, the Fed said in a statement.

Fed Chair Janet Yellen administered the oath of office in a ceremony held at the central bank in Washington, D.C.

The move makes the Federal Reserve's board has at least four members after the current Fed governor Jeremy Stein would leave Wednesday to return to his teaching post at Harvard University.

Fischer's term expires on Jan. 31, 2020.

Fischer is still awaiting confirmation of the Senate to be vice chair of the Board.

Fischer, 70, who has dual citizenship of the U.S. and Israel, served as governor of the Bank of Israel from 2005 through 2013.

Fischer expressed his support for the Fed's current direction and emphasized the role of the central bank in ensuring financial stability during a hearing before the Senate in March. Endite

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