Jacob Frenkel, who served as Bank of Israel governor from 1991 to 2000, is to return for another go at the helm of the central bank. Reaction to his appointment was mixed with supporters hailing his experience to stabilize Israel’s slowing economy and naysayers citing his as anti-social welfare policies.

Frenkel — currently chairman of JPMorgan Chase International – will replace Stanley Fischer, who is stepping down at the end of this month after eight years as governor. Fischer is credited with having guided Israel’s economy through the global financial crisis.

The 70-year-old Frenkel holds a BA in economics from the Hebrew University of Jerusalem and completed an MA and doctoral studies at the University of Chicago.

It has not been announced when he will start his new tenure. Frenkel’s appointment still needs cabinet approval.