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Nellie Liang, a Trump pick to Fed, withdraws her nomination

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Nellie Liang, a Trump pick to Fed, withdraws her nomination

Nellie Liang, one of President Donald Trump's picks to join the Federal Reserve, is withdrawing her nomination to the central bank, the White House said Jan. 7.

Liang, a former top Fed economist who helped build its post-crisis regulatory framework, had run into skepticism from some Republican senators over her background as a former top regulator. She had yet to get a confirmation hearing in the Senate.

White House spokeswoman Lindsay Walters confirmed the news, which was first reported by The Wall Street Journal.

"We regret to announce that today Nellie Liang notified us that she has withdrawn from nomination to the Federal Reserve Board of Governors," Walters said in a statement. "We supported her nomination and believe she would have made a good Governor. We thank Nellie for her long career of public service and wish her well."

Liang said in a statement she withdrew “because the likelihood of a prolonged process could have left me in professional limbo for too long.”

“I have great respect for the Federal Reserve and its current leadership, and look forward to contributing as an outside researcher to the vital economic policy issues they face,” Liang said.

Liang had started at the Fed in 1986, eventually becoming the first head of the Fed's Office of Financial Stability Policy and Research in 2010 under then-Chairman Ben Bernanke. She is currently a senior fellow at the Brookings Institution, where Bernanke and former Fed Chair Janet Yellen both work.

The Fed board currently has two of its seven seats unfilled. Trump has successfully appointed four of the Fed's board members, including Chairman Jerome Powell, though he has grown increasingly critical of the central bank's tightening of monetary policy.

Another of Trump's picks to the Fed, economist Marvin Goodfriend, has seen his nomination languish in the Senate since Trump nominated him in November 2017.

Under Senate rules, Trump needs to formally renominate Goodfriend if he wants senators to continue considering his nomination. Walters did not say whether the White House was planning on doing so.