Fed nominee withdraws name from further consideration for post

One of President Donald Trump’s nominees to be a Federal Reserve Board governor has withdrawn her name from further consideration, the White House announced Monday, according to reports.

Jean Nellie Liang told the White House that she was withdrawing her name from consideration for the seat on the central bank’s board, according to the New York Times and other news outlets.

“We regret to announce that today Nellie Liang notified us that she has withdrawn from nomination to the Federal Reserve Board of Governors,” a White House spokeswoman said in a statement. “We supported her nomination and believe she would have made a good governor.”

Liang was nominated in September to serve a 14-year term ending Jan. 31, 2024. However, she never received a hearing about her nomination before the Senate Banking Committee.

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 Congressional Budget Office’s (CBO) panel of economic advisors.

Liang’s nomination was officially returned to the White House last week after the 115th Congress ended and the new Congress was sworn in. Her withdrawal of her nomination means she no longer wants to be considered for the post.

The nomination of Marvin Goodfriend for the other open seat on the board was also returned to the White House. Goodfriend (who was approved by the Banking Committee on a vote of 13-12 for full Senate consideration) could be re-nominated, but the White House had no comment on that as of Monday.

Jean Nellie Liang, former nominee for Federal Reserve Board