Ms. Liang Could Be The Next U.S. Treasury’s Undersecretary For Domestic Finance
Ms. Liang is a top contender for a senior post in Biden’s Treasury Department, more specifically for a position as the U.S. Treasury’s undersecretary for domestic finance. In early 2009, Ms. Liang helped lead the government’s first round of bank stress tests that helped settle market fears about the resilience of the U.S.’s biggest banks. Ms. Liang also served as the founding director of the Fed’s division of financial stability and ran it from 2010 until 2017.
Ms. Liang, now 63 years old, currently works as a senior fellow at the Brookings Institution (same think tank where Treasury Secretary-designate Janet Yellen worked). Ms. Liang was nominated by President Trump to a seat on the Fed’s seven-member board of governors in 2018, but her nomination never had a committee hearing, and she withdrew from consideration in early 2019.
The Treasury undersecretary job requires Senate confirmation and plays an important role in management of U.S. debt, tax and fiscal policy, financial regulation, housing finance and other economic matters.
Last month, Ms. Liang outlined a proposal to address steps to improve the resilience of the market for U.S. Treasury securities, strains on these securities were only alleviated after enormous Fed purchases of government debt to place.
No final decisions have been made and an announcement isn’t likely to happen before Jan. 20.