Trump pick Nellie Liang pulls out the Fed Governor's nomination
"We are sorry to announce that today Nellie Liang informed us that she has withdrawn from nomination to the Federal Reserve Governor. We supported her nomination and thought she would have made a good governor," said White House spokesman Lindsay Walters in a statement to Yahoo Finance Friday night
<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "Liang, whose 11-year career at the Fed was highlighted by his efforts to establish many post-war reforms in the banking sector, was nominated by the administration in September. Her nomination of an administration that was largely attempting to reduce bureaucracy led to some confusion in the Republican-controlled Senate, leading to early skepticism of Liang's ability to survive the confirmation process . "Data-response time =" 24 "> Liang, whose 11-year career at the Fed was highlighted by his efforts to establish many post-crisis regulatory reforms in the banking sector, was nominated by the administration in September, and her nomination of a largely attempted to reduce bureaucracy led to some confusion in The Republican-controlled Senate, which ran early skepticism over Liang's ability to survive the confirmation process.
<p class = "canvas-atom canvas-text Mb Liang has been working at the Brookings Institution since February 2017, where she has written articles as a defense" 19459007 "Need for strong stress tests & nbsp; and criticize US Treasury's recommendations for loosening capital requirements on major banks . "data-reactid =" 25 "> Since February 2017, Liang has been working at the Brookings Institution, where she has written articles that defend the need for strong stress tests and criticize US Treasury's recommendations for losing capital needs on the major banks.
Liang Aldri met Senate Banking Committee for a hearing. She did not respond to comment requests.
<p class = "canvas-text-text-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = " Goodfriend " data-reactid = "27"> Goodfriend
There is still a Fed nomination up in the air: Marvin Goodfriend Carnegie Mellon University Professor cleared the committee in February 2018, but an unfortunate confirmation hearing raised concerns that he would also fight to win enough support in a full Senate confirmation vote, because a new congress has entered into force in January 2019, his nomination expires technically and will require the renomination of the White house.
The White House did not provide an update on Goodfriend's nomination.
The Federal Reserve Board of Governors currently has five of its seven seats filled. Fed Chair Jay Powell was originally named as a Fed Governor during the Obama administration in 2012, but was sworn in as head of 2018 after being nominated by Trump. Richard Clarida, Randal Quarles and Michelle Bowman are all the first time Fed Governors appointed by Trump. The last remaining Obama honorary governor not to be diverted by Trump is Lael Brainard, whose term ends in 2026.
<p class = "canvas-text-text Mb (1.0em) Mb (0) – sm Mt (0.8 em) – sm "type =" text "content =" Brian Cheung is a reporter covering the banking industry and the finance and politics intersection of Yahoo Finance. You can follow him on Twitter @bcheungz . "data-response time =" 31 "> Brian Cheung is a reporter who covers the banking industry and the interface between finance and politics for Yahoo Finance. You can follow him on Twitter @ bcheungz .
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