Prof. Jacob A. Frenkel was named new governor of the Bank of Israel. He will replace former central bank governor Stanley Fischer despite the latter's support of deputy for the top position. Frenkel is known worldwide as an economist that halts inflation.

Frenkel, is currently the chairperson of JP Morgan Chase International. His appointment came despite the fact that Stanley Fischer recommended and supported Karnit Flug, the bank's deputy governor for the position. Jacob Frenkel faced serious criticism for his role in leading the market to the crisis like other senior AIG and bank officials whose resepctive firms were bailed out. Taxpayers money rescued said firms. In his defense, he said that it was impossible to foresee such a magnitude of crisis during an interview with BBC.

The new governor of the Bank of Israel graduated from the Hebrew University with Economics Degree. He obtained his PhD from the University of Chicago.