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Washington

Federal Reserve Board nominee Nellie Liang withdraws her name from consideration

Nellie Liang

Nellie Liang withdrew her nomination for a seat on the Federal Reserve Board of Governors.

Ms. Liang, whom President Donald Trump nominated in September, said in a statement late Monday that she pulled her name from consideration "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."

Ms. Liang is a senior fellow in economic studies at the Brookings Institution and a visiting scholar at the International Monetary Fund's monetary and capital markets department. Ms. Liang had been nominated to serve the remainder of former Chairwoman Janet L. Yellen's 14-year term, which expires Jan. 31, 2024.

Ms. Liang worked at the Fed from 2006 to 2017. In 2010, as a response to the financial crisis, she started — and served as the director of — the Office of Financial Stability Policy and Research, which became the Division of Financial Stability in 2016.

There are still two vacancies on the seven-member Fed board. Most recently, the Senate confirmed Michelle Bowman in November to serve the remainder of a term that expires in January 2020.

Mr. Trump nominated Marvin Goodfriend for a seat in November 2017. Mr. Goodfriend's nomination has been approved by the Senate Banking Committee but has yet to receive a full Senate vote. Ms. Liang's nomination never received a Senate hearing.