Mohamed El-Erian under White House consideration for Fed vice chairman

The White House is considering Mohamed El-Erian for vice chairman of the Federal Reserve, a source confirmed to CNBC.

El-Erian, the chief economic advisor at Allianz, would bring a wealth of experience to the position, including his time at bond giant Pimco.

El-Erian would take the seat vacated in October by Stanley Fischer and presumably would be second in command to Jerome Powell. President Donald Trump recently nominated Powell to take the chairman’s position at the central bank when Janet Yellen‘s term expires in February. The nomination awaits Senate confirmation.

The search process has just begun and the vice chair announcement is not likely this year, said CNBC’s source, who is familiar…

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