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Fed Nominee Liang Withdraws From Consideration

Nellie Liang, an economist and financial regulation expert who was nominated last September by President Trump for a seat on the Federal Reserve Board of Governors, withdrew from consideration in the face of opposition from the banking industry and Senate Republicans who were sympathetic to concerns she favored overly stringent financial rules.

As head of the Fed’s financial stability office, she helped develop the policies put in place after the 2008 financial crisis, which Congressional Republicans have hoped to lighten. Liang established the Fed’s Division of Financial Stability in 2010 before leaving two years ago to join the Brookings Institution Think Tank. In a statement, she said: “I have decided to withdraw my name from consideration to be a member of the Board of Governors of the Federal Reserve because the likelihood of a prolonged process could have left me in professional limbo for too long.”

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