Nellie Liang

Nellie Liang is a senior fellow in the Hutchins Center on Fiscal and Monetary Policy at Brookings. Previously, she served as under secretary for domestic finance at the U.S. Treasury Department from July 2021 to January 2025. She also served as chair of the Financial Stability Board’s Standing Committee on the Assessment of Vulnerabilities from January 2023 to January 2025. Liang was at the Board of Governors of the Federal Reserve System for more than three decades and was the first director of the Division of Financial Stability, from 2010 to 2017. In that position, she directed the development of financial stability policies and analysis of their interactions with bank regulations and monetary policy. She also has been a visiting scholar at the International Monetary Fund’s Monetary and Capital Markets Department, a lecturer at the Yale School of Management, and a member of the Congressional Budget Office’s Panel of Economic Advisors. Her recent research has focused on technological innovations and financial regulations for payments, banking, Treasury markets, and economic and financial stability. Liang received a Ph.D. in economics from the University of Maryland and a B.A. in economics from the University of Notre Dame. 

In addition to her Brookings position, Liang is a member of the Financial Stability Advisory Council and is a visiting scholar at the Federal Reserve Bank of Chicago, a member of the Advisory Council of the Bretton Woods Committee, and an independent director of Nomura Holdings.