Nellie Liang

Liang graduated from the University of Notre Dame with a B.A. in economics in 1979. She later completed an M.A. (1984) and Ph.D. (1986) in economics at the University of Maryland, College Park. Liang's doctoral thesis was An empirical conjectural variation model of oligopoly.{{Cite web|url=https://catalog.umd.edu/F/?func=find-c&ccl_term=sys%3D001529855|title=PDS SSO|website=catalog.umd.edu|accessdate=Sep 16, 2023}}

Prior to her government service, Liang was a private sector economist in Washington, D. C., starting at Wharton Econometric Forecasting Associates from 1979 to 1980, then at Data Resources Inc. from 1980 to 1981. From 1981 to 1984, Liang taught economics at the University of Maryland, College Park. In the summer of 1983, Liang was an economist for MCI Inc. Liang was a research associate at the Bureau of Economics at the Federal Trade Commission from 1985 to 1986.

After completing her doctorate, Liang joined the Federal Reserve Board as an economist at the financial structure division in 1986. After eight years at financial structure, Liang moved to the capital markets section in 1994. Liang headed the capital markets section from 1997 to 2001. In 2001, Liang became assistant director for research and statistics for the Federal Reserve Board.[https://www.dol.gov/sites/dolgov/files/EBSA/laws-and-regulations/rules-and-regulations/peer-review/nellie-liang-biography.pdf N. Liang Biography] dol.gov The Fed promoted Liang to senior associate director in 2006.[https://www.brookings.edu/wp-content/uploads/2017/02/liangcv.pdf Lang CV] brookings.edu February 2017 In 2010, Liang became the founding director of the Division of Financial Stability.

Liang left the Fed after nearly 30 years to become Miriam K. Carliner Senior Fellow in Economic Studies at the Brookings Institution in February 2017.{{Cite web|url=https://www.brookings.edu/experts/nellie-liang/|title = Nellie Liang}} At Brookings, her research focused on financial and macroeconomic stability, credit markets, and financial regulatory and macroprudential policies.{{cite web |title=Nellie Liang |url=https://www.brookings.edu/experts/nellie-liang/ |website=Brookings |date=27 February 2017}} She additionally served as Senior Lecturer at Yale School of Management.{{Cite web |last=Raghavan |first=Keshav |date=2018-09-28 |title=SOM lecturer nominated to the Federal Reserve Board of Governors |url=https://yaledailynews.com/blog/2018/09/28/som-lecturer-nominated-to-the-federal-reserve-board-of-governors/ |access-date=2024-07-31 |website=Yale Daily News |language=en}}

Liang was nominated by President Trump for membership on the Federal Reserve Board on September 19, 2018.{{cite news|url=https://www.washingtonpost.com/business/2018/09/19/trump-nominates-economist-nellie-liang-fill-last-federal-reserve-board-seat/|title=Trump nominates economist Nellie Liang to fill the last Federal Reserve board seat|last1=Long|first1=Heather|date=19 September 2018|accessdate=20 September 2018|newspaper=Washington Post}} She withdrew herself as a nominee on January 7, 2019, after months passed without the United States Senate granting her a hearing. Liang cited the possibility of being left in "professional limbo" as her reason for her withdrawal.{{Cite news|url=https://www.wsj.com/articles/nellie-liang-withdraws-from-consideration-for-fed-board-seat-11546909021|title=Nellie Liang Withdraws From Consideration for Fed Board Seat|last=Timiraos|first=Nick|date=7 January 2019|work=The Wall Street Journal|access-date=7 January 2019}}

Liang was announced as a nominee by President Biden to serve as Under Secretary for Domestic Finance at the U.S. Department of the Treasury on March 11, 2021.{{cite web |title=President Biden Announces Intent to Nominate Key Roles for the Department of Treasury |url=https://bidenwhitehouse.archives.gov/briefing-room/statements-releases/2021/03/11/president-biden-announces-intent-to-nominate-key-roles-for-the-department-of-treasury/ |website=The White House |date=11 March 2021 |access-date=19 April 2021}} The Senate confirmed Liang on July 15, 2021, in a 72–27 vote.{{cite web |title=On the Nomination (Confirmation: J. Nellie Liang, of Maryland, to be an Under Secretary of the Treasury) |url=https://www.senate.gov/legislative/LIS/roll_call_votes/vote1171/vote_117_1_00264.htm |website=US Senate |access-date=12 February 2022}} She was sworn into office on July 22, 2021, and is the first Senate-confirmed Under Secretary for Domestic Finance in office since September 2014.{{cite web |last1=@USTreasury |title='Treasury welcomes Nellie Liang, sworn in today as Undersecretary for Domestic Finance...' |url=https://twitter.com/USTreasury/status/1418315260654669832 |website=Twitter |access-date=11 August 2021 |language=en}} On February 15, 2022, the secretary presented findings of the President's Working Group on Financial Markets and other agencies on potential congressional regulation of the stablecoin markets.Senate Banking, Housing, and Urban Affairs Committee. (15 February 2022). "Treasury Undersecretary Testifies on Regulating Stablecoins". [https://www.c-span.org/video/?517888-1/treasury-undersecretary-testifies-regulating-stablecoins C-Span website] Retrieved 21 February 2022.Norbert Michel. (9 February 2022). "The Silver Lining In The Biden Administration’s Defense Of Its Stablecoin Report". [https://www.forbes.com/sites/norbertmichel/2022/02/09/the-silver-lining-in-the-biden-administrations-defense-of-its-stablecoin-report/?sh=65b7a87d5ba2 Forbes website] Retrieved 21 February 2022.

At Treasury, Liang has been instrumental in leading the department's efforts to address stablecoins, arguing that stablecoins need to be brought into the U.S. public policy framework.{{cite news | url=https://www.bloomberg.com/news/articles/2022-02-08/need-for-stablecoin-legislation-urgent-treasury-official-says | title=Treasury Official Says the Need for Stablecoin Legislation is 'Urgent' | newspaper=Bloomberg.com | date=8 February 2022 }}{{Cite web|url=https://home.treasury.gov/news/press-releases/jy0589|title = Testimony of Under Secretary for Domestic Finance Nellie Liang before the Committee on Financial Services, U.S. House}} Additionally, Liang played a leading role in producing a number of reports for the Treasury Department in response to President Biden's Executive Order on Ensuring Responsible Development in Digital Assets.https://home.treasury.gov/news/press-releases/jy0972 On March 1, 2023, Liang provided a substantive address on the Biden Administration's approach to the future of money and payments and, more specifically, on central bank digital currency.{{cite news |title=Remarks by Under Secretary for Domestic Finance Nellie Liang During Workshop on "Next Steps to the Future of Money and Payments" |url=https://home.treasury.gov/news/press-releases/jy1314 |agency=U.S. Department of the Treasury |date=March 1, 2023}}

Liang has also lead the Treasury Department's work on policy surrounding banks and nonbanks. Liang is supportive of macroprudential financial regulation approaches taken to date, but has argued that policymakers and regulators must continue to look ahead for emerging threats.https://home.treasury.gov/news/press-releases/jy0850

Following the failure of Silicon Valley Bank, Liang testified to the Senate Banking Committee on March 28, 2023, and the House Financial Services Committee on March 29, 2023.{{cite web |title=Recent Bank Failures and the Federal Regulatory Response |url=https://www.banking.senate.gov/hearings/recent-bank-failures-and-the-federal-regulatory-response |website=United States Senate Committee on Banking, Housing, and Urban Affairs |access-date=2023-03-28}}{{cite news |title=Testimony of Under Secretary for Domestic Finance Nellie Liang Before the Committee on Financial Services, U.S. House |url=https://home.treasury.gov/news/press-releases/jy1373 |date=2023-03-29}} Liang detailed the efforts the U.S. Department of the Treasury was taking to respond to the failures of several U.S. banks. Liang also spoke on systemic liquidity risk and financial system resilience following the bank failure.{{cite news |title=Remarks by Under Secretary for Domestic Finance Nellie Liang at the International Swaps and Derivatives Association Annual General Meeting |url=https://home.treasury.gov/news/press-releases/jy1474 |publisher=U.S. Department of the Treasury |date=2023-05-11}}

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Category:1958 births

Category:Living people

Category:21st-century American economists

Category:American people of Chinese descent

Category:University of Maryland, College Park alumni

Category:University of Notre Dame alumni

Category:United States Department of the Treasury officials

Category:Biden administration personnel

Category:American women economists