The nomination of Jean Nellie Liang to be the next – and final – member of the Federal Reserve Board was sent to the Senate, the White House said Friday.
If confirmed, she would serve a 14-year term ending Jan. 31, 2024. The White House announced its intention to name her to the post Sept. 20.
Liang, 60, is now a senior fellow in economic studies at the Brookings Institution in Washington and a visiting scholar at the International Monetary Fund’s (IMF) monetary and capital markets department, according to the White House. She is a member of the the Congressional Budget Office’s (CBO) panel of economic advisors.
She served as a staff member — for more than three decades — at the Federal Reserve, most recently as director of the division of financial stability. Her experience at the Fed earned her acknowledgment as expert in the areas of regulation and the stability of the financial system, reportedly playing a key role in the development of stress tests of major banks in 2009. In 2010, she was named by then-Fed Board Chairman Ben Bernanke to lead the new financial stability division, a position she held until last year when she joined Brookings.
She has also been a lecturer at the Yale School of Management, according to the White House.
Liang earned her B.A. in economics from the University of Notre Dame and Ph.D. from the University of Maryland, the White House said.
Two other nominations for seats on the Fed board are pending in the Senate, for Michelle (“Miki”) Bowman, and Marvin Goodfriend. Neither have yet been scheduled for consideration by the Senate. Bowman was recommended for confirmation by the Senate Banking Committee in June on a vote of 18-7. Goodfriend was recommended for confirmation by the panel Feb. 8, on a partisan vote of 13-12.
On Sept. 17, Richard Clarida was sworn in as the new vice chairman of the Federal Reserve Board, to serve a four-year term.
If Liang is confirmed, along with Bowman and Goodfriend, President Donald Trump will have named six of the seven members of the board (Lael Brainard being the only holdover).