President Joe Biden’s nominee to move home finance operations on the U.S. Treasury Division mentioned on Tuesday it’s crucial to make sure that the Treasury debt market operates effectively in occasions of stress.
Nellie Liang, a former Federal Reserve economist who was nominated as Treasury undersecretary for home finance, appeared with three different nominees for senior posts on the division at a Senate Finance Committee affirmation listening to.
Liang mentioned that if confirmed she would “present an evaluation of modifications on this market which have arisen from technological advances and shifts in market members’ habits, and suggest insurance policies, as wanted, to make sure a resilient Treasury securities market.”
She additionally mentioned it could be her “precedence to advertise an environment friendly and steady monetary system that may meet the wants of a dynamic financial system.”
The others who appeared have been: Lily Batchelder, nominated as assistant secretary for tax coverage; Ben Harris as assistant secretary for financial coverage; and Jonathan Davidson as assistant secretary for legislative affairs.
Batchelder, a New York College tax regulation professor who served because the Senate Finance Committee’s chief tax counsel from 2010 to 2014, pledged to work with Congress on tax coverage that advances Biden’s objectives to foster financial restoration, promote equality and handle the challenges of local weather change.
“Tax advantages can curtail or exacerbate our huge disparities by earnings, wealth, race, ethnicity, gender and geography,” Batchelder mentioned in ready remarks. “On the identical time, well-constructed and well-implemented tax coverage can reduce gaming and distortions to enterprise exercise, whereas poorly constructed tax coverage can do the reverse.”
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