Nellie Liang

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Nellie Liang
Under Secretary of the Treasury for Domestic Finance
Assumed office
July 22, 2021
PresidentJoe Biden
Preceded byMary J. Miller
Personal details
Born
Jean Nellie Liang

1958 (age 62–63)
Political partyDemocratic[1]
EducationUniversity of Notre Dame (BA)
University of Maryland, College Park (MA, PhD)
Chinese name
Chinese梁内利[2]
Hanyu PinyinLiáng Nèilì

Jean Nellie Liang (born 1958) is an economist who currently serves as President Joe Biden's Under Secretary of the Treasury for Domestic Finance.[3][4]

Education[]

Liang graduated from the University of Notre Dame with a B.A. in economics in 1979. She later completed an M.A. (1984) and Ph.D. (1986) in economics at the University of Maryland, College Park.[5] Liang's doctoral thesis was An empirical conjectural variation model of oligopoly.[6]

Career[]

Prior to her government service, Liang was a private sector economist in Washington, D. C., starting at Wharton Econometric Forecasting Associates from 1979 to 1980, then at Data Resources Inc. from 1980 to 1981. From 1981 to 1984, Liang taught economics at the University of Maryland, College Park. In the summer of 1983, Liang was an economist for MCI Inc. Liang was a research associate at the Bureau of Economics at the Federal Trade Commission from 1985 to 1986.[5]

After completing her doctorate, Liang joined the Federal Reserve Board as an economist at the financial structure division in 1986. After eight years at financial structure, Liang moved to the capital markets section in 1994.[5] Liang headed the capital markets section from 1997 to 2001.[5] In 2001, Liang became assistant director for research and statistics for the Federal Reserve Board.[5] The Fed promoted Liang to senior associate director in 2006.[7] In 2010, Liang became the founding director of the Division of Financial Stability.[7]

Liang left the Fed after nearly 30 years to become Miriam K. Carliner Senior Fellow in Economic Studies at the Brookings Institution in February 2017.[8] At Brookings, her research focused on financial and macroeconomic stability, credit markets, and financial regulatory and macroprudential policies.[9]

Federal Reserve Board nomination[]

Liang was nominated by President Trump for membership on the Federal Reserve Board on September 19, 2018.[10] She withdrew herself as a nominee on January 7, 2019, after months passed without the United States Senate granting her a hearing. Liang cited the possibility of being left in "professional limbo" as her reason for her withdrawal.[11]

U.S. Department of the Treasury nomination[]

Liang was announced as a nominee by President Biden to serve as Under Secretary for Domestic Finance at the U.S. Department of the Treasury on March 11, 2021.[12] On April 22, 2021, her nomination was sent to the Senate.[13] Her nomination was reported favorably by the Senate Finance Committee by a 24-4 vote on June 10.[14] The Senate voted on the nomination on July 15, 2021, and Liang was successfully confirmed to the post in a 72–27 vote.[15] She was sworn into office on July 22, 2021, and is the first Senate-confirmed Under Secretary for Domestic Finance in office since September 2014.[16]

References[]

  1. ^ Timiraos, Nick; Bender, Michael C. (September 19, 2018). "Trump to Nominate Former Fed Economist Nellie Liang for Board Seat". The Wall Street Journal. Retrieved December 18, 2020. Ms. Liang is a registered Democrat.
  2. ^ 中国新闻网 (January 8, 2019). "美国亚裔经济学家梁内利放弃美联储理事提名" (in Chinese). Baidu. Retrieved July 19, 2020.
  3. ^ "Nellie Liang". Brookings. 2017-02-27. Retrieved 2019-01-08.
  4. ^ "President Biden Announces Intent to Nominate Key Roles for the Department of Treasury". The White House. 2021-03-11. Retrieved 2021-03-11.
  5. ^ Jump up to: a b c d e https://www.dol.gov/sites/dolgov/files/EBSA/laws-and-regulations/rules-and-regulations/peer-review/nellie-liang-biography.pdf
  6. ^ https://catalog.umd.edu/docno=001529855
  7. ^ Jump up to: a b https://www.brookings.edu/wp-content/uploads/2017/02/liangcv.pdf
  8. ^ https://www.brookings.edu/experts/nellie-liang/
  9. ^ "Nellie Liang". Brookings. 27 February 2017.
  10. ^ Long, Heather (19 September 2018). "Trump nominates economist Nellie Liang to fill the last Federal Reserve board seat". Washington Post. Retrieved 20 September 2018.
  11. ^ Timiraos, Nick (7 January 2019). "Nellie Liang Withdraws From Consideration for Fed Board Seat". The Wall Street Journal. Retrieved 7 January 2019.
  12. ^ "President Biden Announces Intent to Nominate Key Roles for the Department of Treasury". The White House. Retrieved 19 April 2021.
  13. ^ "Nominations Sent to the Senate", White House, April 22, 2021
  14. ^ Wilhelm, Colin. "Votes in an executive session held off the Senate floor were 22-6 on Batchelder's nomination to be assistant secretary of tax policy, 24-4 for Liang's undersecretary of domestic finance nomination, and unanimous approval of economic policy and legislative affairs noms". Twitter. Retrieved June 10, 2021.
  15. ^ "PN414 - Nomination of J. Nellie Liang for Department of the Treasury, 117th Congress (2021-2022)". www.congress.gov. 14 July 2021.
  16. ^ @USTreasury. "'Treasury welcomes Nellie Liang, sworn in today as Undersecretary for Domestic Finance...'". Twitter. Retrieved 11 August 2021.
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