Liang withdraws nomination for Federal Reserve board seat: White House

[WASHINGTON] Former Federal Reserve economist Nellie Liang has withdrawn her nomination for a seat on the Fed's Board of Governors, the White House said on Monday.

"We regret to announce that today Nellie Liang notified us that she has withdrawn from nomination to the Federal Reserve Board of Governors. We supported her nomination and believe she would have made a good Governor," White House spokeswoman Lindsay Walters said in a statement.

President Donald Trump, who has criticised the central bank for raising interest rates, nominated Ms Liang in September.

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

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

As head 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.

REUTERS