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 65–66)
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] She additionally served as Senior Lecturer at Yale School of Management.[10]

Federal Reserve Board Nomination

Liang was nominated by President Trump for membership on the Federal Reserve Board on September 19, 2018.[11] 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.[12]

U.S. Department of the Treasury

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.[13] The Senate confirmed Liang on July 15, 2021, in a 72–27 vote.[14] 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.[15] On February 15, 2022, the secretary presented findings of the President's Working Group on Financial Markets and other agencies on potential congressional regulation of the stablecoin markets.[16][17]

At Treasury, Liang has been instrumental in leading the department's efforts to address stablecoins, arguing that stablecoins need to be brought into the U.S. public policy framework.[18][19] Additionally, Liang played a leading role in producing a number of reports for the Treasury Department in response to President Biden's Executive Order on Ensuring Responsible Development in Digital Assets.[20] On March 1, 2023, Liang provided a substantive address on the Biden Administration's approach to the future of money and payments and, more specifically, on central bank digital currency.[21]

Liang has also lead the Treasury Department's work on policy surrounding banks and nonbanks. Liang is supportive of macroprudential financial regulation approaches taken to date, but has argued that policymakers and regulators must continue to look ahead for emerging threats.[22]

Following the failure of Silicon Valley Bank, Liang testified to the Senate Banking Committee on March 28, 2023 and the House Financial Services Committee on March 29, 2023.[23][24] Liang detailed the efforts the U.S. Department of the Treasury was taking to respond to the failures of several U.S. banks. Liang also spoke on systemic liquidity risk and financial system resilience following the bank failure.[25]

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. 1 2 3 4 5 N. Liang Biography dol.gov
  6. ↑ "PDS SSO". catalog.umd.edu. Retrieved Sep 16, 2023.
  7. 1 2 Lang CV brookings.edu February 2017
  8. ↑ "Nellie Liang".
  9. ↑ "Nellie Liang". Brookings. 27 February 2017.
  10. ↑ https://yaledailynews.com/blog/2018/09/28/som-lecturer-nominated-to-the-federal-reserve-board-of-governors/
  11. ↑ Long, Heather (19 September 2018). "Trump nominates economist Nellie Liang to fill the last Federal Reserve board seat". Washington Post. Retrieved 20 September 2018.
  12. ↑ Timiraos, Nick (7 January 2019). "Nellie Liang Withdraws From Consideration for Fed Board Seat". The Wall Street Journal. Retrieved 7 January 2019.
  13. ↑ "President Biden Announces Intent to Nominate Key Roles for the Department of Treasury". The White House. 11 March 2021. Retrieved 19 April 2021.
  14. ↑ "On the Nomination (Confirmation: J. Nellie Liang, of Maryland, to be an Under Secretary of the Treasury)". US Senate. Retrieved 12 February 2022.
  15. ↑ @USTreasury. "'Treasury welcomes Nellie Liang, sworn in today as Undersecretary for Domestic Finance...'". Twitter. Retrieved 11 August 2021.
  16. ↑ Senate Banking, Housing, and Urban Affairs Committee. (15 February 2022). "Treasury Undersecretary Testifies on Regulating Stablecoins". C-Span website Retrieved 21 February 2022.
  17. ↑ Norbert Michel. (9 February 2022). "The Silver Lining In The Biden Administration’s Defense Of Its Stablecoin Report". Forbes website Retrieved 21 February 2022.
  18. ↑ "Treasury Official Says the Need for Stablecoin Legislation is 'Urgent'". Bloomberg.com. 8 February 2022.
  19. ↑ "Testimony of Under Secretary for Domestic Finance Nellie Liang before the Committee on Financial Services, U.S. House".
  20. ↑ https://home.treasury.gov/news/press-releases/jy0972
  21. ↑ "Remarks by Under Secretary for Domestic Finance Nellie Liang During Workshop on "Next Steps to the Future of Money and Payments"". U.S. Department of the Treasury. March 1, 2023.
  22. ↑ https://home.treasury.gov/news/press-releases/jy0850
  23. ↑ "Recent Bank Failures and the Federal Regulatory Response". United States Senate Committee on Banking, Housing, and Urban Affairs. Retrieved 2023-03-28.
  24. ↑ "Testimony of Under Secretary for Domestic Finance Nellie Liang Before the Committee on Financial Services, U.S. House". 2023-03-29.
  25. ↑ "Remarks by Under Secretary for Domestic Finance Nellie Liang at the International Swaps and Derivatives Association Annual General Meeting". U.S. Department of the Treasury. 2023-05-11.
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