In deregulatory era, Trump picks a throwback for Fed board
Neil Haggerty and Hannah Lang
At a time when the Trump administration is mostly appointing regulators eager to roll back post-crisis regulations, the nomination of Nellie Liang to a seat on the Federal Reserve Board is something of a throwback. Most observers viewed the pick as a departure from the norm. A Democrat, Liang helped develop the Fed’s post-crisis regulatory apparatus as director of its Office of Financial Stability before leaving to become a fellow at the Brookings Institution, the left-of-center think tank. …Liang’s extensive understanding of monetary policy would also lend itself in her work with other members of the board, including Vice Chairman Richard Clarida and Fed Gov. Lael Brainard, said Karen Shaw Petrou, managing partner at Federal Financial Analytics. “I think she will be a very strong and analytical voice both in the significant regulatory decisions, the significant regulatory agenda that Vice Chairman Quarles has laid out and in the broad debate over redefining the federal reserve monetary policy in the lower for longer policy [on interest rates],” said Petrou.