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Liang withdraws nomination for Fed board seat

Reuters  |  WASHINGTON 

(Reuters) - Former said on Monday she had withdrawn her nomination for a seat on the Fed's Board of Governors, citing concern over a lengthy confirmation process.

"I have decided to withdraw my name from consideration to be a member of the Board of Governors of the because the likelihood of a prolonged process could have left me in professional limbo for too long," Liang said in a statement.

Donald Trump, who has criticized the central for raising interest rates, nominated Liang in September.

Liang, who established the Fed's Division of Financial Stability in 2010, left the central two years ago to join the think tank.

"We supported her nomination and believe she would have made a good Governor," said in a statement.

As of the Fed's increasingly influential financial stability office, she helped develop the policies put in place after the 2008 financial crisis that many Republicans have hoped to lighten.

At the time of the nomination, two officials told that Liang had a strong background on financial and monetary stability, including crisis response, and was considered a good fit for the Fed board.

(Reporting by and Howard Schneider; Editing by Sandra Maler)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, January 08 2019. 09:49 IST
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