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Trump nominee to Federal Reserve withdraws nomination

The Eccles Building, location of the Board of Governors of the Federal Reserve System, in Washington, DC.
The Eccles Building, location of the Board of Governors of the Federal Reserve System, in Washington, DC. Photo: Brooks Kraft/ Getty Images

Former Federal Reserve economist Nellie Liang, who President Trump nominated last year to serve on the Fed's board of governors, has withdrawn her name from consideration, a White House spokesperson said Monday, according to Reuters.

"We regret to announce that today Nellie Liang notified us that she has withdrawn from nomination to the Federal Reserve Board of Governors.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, per Reuters

The backdrop: Axios Jonathan Swan reported last year that Liang, a Democrat who favors strong regulations on banks, "has significant problems with Republicans and may not even make it to the Senate floor for a vote." A number of key Republicans in the Senate, Pat Toomey on the Senate Banking Committee, have expressed doubts about her.