The US Senate on Wednesday confirmed economist Brent Neiman to serve as Deputy Under Secretary of the Treasury for International Finance and Development amid a precarious economic situation in the United States
WASHINGTON (Pakistan Point News / Sputnik - 15th March, 2023) The US Senate on Wednesday confirmed economist Brent Neiman to serve as Deputy Under Secretary of the Treasury for International Finance and Development amid a precarious economic situation in the United States.
Senators confirmed Neiman's nomination in a vote of 54-40. US President Joe Biden announced Neiman's nomination in August 2021.
Neiman has worked as a professor at the University of Chicago, with his teaching and research focused on international macroeconomics, finance and trade. Neiman is also a research associate at the National Bureau of Economic Research and an editor of The American Economic Review.
Neiman previously served as the staff economist for international finance on the White House Council of Economic Advisers and worked for the Federal Reserve Bank of Chicago.
Neiman's nomination comes amid a looming US debt default and recent bank failures that have sent uncertainty throughout the economy.
On Tuesday, Moody's Investors Service downgraded its outlook for the US banking system from stable to negative following the collapse of Silicon Valley Bank, Silvergate Bank and Signature Bank.
The US is also approaching its debt ceiling and a potential default on its financial obligations, as Congress has not yet agreed to raise the country's borrowing limit amid concerns about the national debt.
The Assistant Treasury Secretary for International Finance leads implementation of international debt and economic engagement policy, in addition to overseeing Group of Seven and Group of Twenty coordination.
The United States has not had a confirmed Assistant Treasury Secretary for International Finance since the administration of former president Barack Obama.
