President Donald Trump will nominate Nellie Liang, a former top Federal Reserve staff member, to the central bank's board of governors, the White House announced late Wednesday. Liang is now a fellow at The Brookings Institution after she retired from a 31-year career at the Fed. She played a key role in the Fed's push to strengthen the banking sector after the housing bubble burst as the director of the Fed's office of financial stability policy and research. Liang provided regular reports to top Fed officials on the risks to financial stability. She also co-led the Fed's first "stress tests" of the biggest banks in 2009 that are often credited for restoring confidence in the financial sector.
Have breaking news sent to your inbox. Subscribe to MarketWatch's free Bulletin emails. Sign up here.