Nellie Liang Has Withdrawn Her Nomination for a Seat on the Fed's Board of Governors (CNBC)
Summary
CNBC article reporting that former Federal Reserve economist Nellie Liang withdrew her nomination for a seat on the Fed's Board of Governors, citing concern over a lengthy Senate confirmation process. A photo caption dates her statement Jan. 8, 2019, in which she said the likelihood of a prolonged process could have left her in professional limbo for too long. President Donald Trump, who has criticized the central bank for raising interest rates, had nominated her in September. The article says Liang established the Fed's Division of Financial Stability in 2010 and later left the central bank to join the Brookings Institution think tank. It quotes White House spokeswoman Lindsay Walters saying the White House supported the nomination.
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Cited in: J. Nellie Liang
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“Nellie Liang Has Withdrawn Her Nomination for a Seat on the Fed's Board of Governors (CNBC).”
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Markets Business Investing Tech Politics Video Watchlist Investing Club PRO Livestream Key Points President Donald Trump, who has criticized the central bank for raising interest rates, nominated Liang in September. "I have decided to withdraw my name from consideration to be a member of the Board of Governors of the Federal Reserve because the likelihood of a prolonged process could have left me in professional limbo for too long," Liang said in a statement. Former Federal Reserve economist Nellie Liang said on Jan. 8, 2019 she had withdrawn her nomination for a seat on the Fed's Board of Governors. Andrew Harrer | Bloomberg | Getty Images Former Federal Reserve economist Nellie Liang said on Monday she had withdrawn her nomination for a seat on the Fed's Board of Governors, citing concern over a lengthy Senate confirmation process. "I have decided to withdraw my name from consideration to be a member of the Board of Governors of the Federal Reserve because the likelihood of a prolonged process could have left me in professional limbo for too long," Liang said in a statement. President Donald Trump, who has criticized the central bank for raising interest rates, nominated Liang in September. Liang, who established the Fed's Division of Financial Stability in 2010, left the central bank two years ago to join the Brookings Institution think tank. "We supported her nomination and believe she would have made a good Governor," White House spokeswoman Lindsay Walters said in a statement. As head of the Fed's increasingly influential financial stability office, she helped develop the policies put in place after the 2008 financial crisis that many Republicans have hoped to lighten. At the time of the nomination, two White House officials told Reuters that Liang had a strong background on financial and monetary stability, including crisis response, and was considered a good fit for the Fed board. Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.
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