Board of Governors of the Federal Reserve System

Nellie Liang, director of the Division of Financial Stability, will retire later this year after 30 years of service to the Federal Reserve Board, including six years as director. The Board will begin a search for her successor.

Ms. Liang began her career at the Board in 1986 when she joined the Division of Research and Statistics as an economist. In 2010, she was appointed director of the newly-created Office of Financial Stability Policy and Research, which became the Division of Financial Stability in 2016. During her tenure as director, Ms. Liang led the division's efforts to systematically assess risks to financial stability and to develop policy responses to mitigate those risks.

"Nellie's perceptive leadership and thoughtful analyses have contributed tremendously to the advancement of the Federal Reserve's efforts to rigorously assess financial stability risks and incorporate them into the development of both monetary and supervisory policy," said Chair Janet L. Yellen. "I have deeply appreciated her service and wise counsel, especially during the financial crisis and, in the years afterward, as the founding director of the Board's Division of Financial Stability."

Ms. Liang was a key participant in crafting the Federal Reserve's response to the financial crisis and, in 2009, helped lead the Supervisory Capital Assessment Program, or bank stress tests, which helped increase public confidence in the banking system. She has a Ph.D. in economics from the University of Maryland and an undergraduate degree in economics from the University of Notre Dame.

The Division of Financial Stability identifies and monitors significant vulnerabilities in the financial system, including from financial markets and both bank and nonbank financial institutions. It supports an active research program to evaluate the effects of monetary and regulatory policies on systemic risks and develops regulations and policies to reduce the systemic risk of banking institutions, including through the annual stress tests and countercyclical capital buffers. It coordinates the Board's responsibilities as a member of the Financial Stability Oversight Council, and works with international agencies on financial stability policies. It reports regularly on its findings to the Board, the Federal Open Market Committee, and the Large Institution Supervision Coordinating Committee.

For media inquiries, call 202-452-2955.