Macro Musings with David Beckworth · Monday, September 14, 2026
Nellie Liang shared details of her extensive career, beginning with over 30 years at the Federal Reserve Board, where she directed the Division of Financial Stability. She then moved to the Treasury Department as Undersecretary for Domestic Finance under Secretary Janet Yellen, and currently holds positions at Brookings, the Financial Stability Advisory Council, and the Federal Reserve Bank of Chicago.
“So I started my career as you mentioned, at the Federal Reserve Board. I was there for a little over 30 years. My last few years I spent as the director of a new division called the Division of Financial Stability, which was created after the global financial crisis.”
“And I left there though after 30 years, went to Brookings. And then shortly thereafter, I joined the Treasury. Janet Yellen was asked to be Secretary of the Treasury. I had worked with her at the board for quite a while. So she had asked if I could take on being the Undersecretary for Domestic Finance, which had many of the same financial stability issues, but a much broader remit and a much broader set of tools and policy objectives.”
“So again, I've just been very fortunate to have been able to work with so many extraordinary people, including so many dedicated public servants. It's been.”