Dr. J. Nellie Liang ('86, Ph.D.), a former Federal Reserve economist who created its first Division of Financial Stability, will be nominated to the Fed’s Board of Governors. In 2010, then-Fed Chairman Ben Bernanke tapped Ms. Liang to form the Division to oversee risks in the financial system in the wake of the 2008 crisis. Today, that operation is as large as the Fed’s long-dominant Division of Monetary Affairs. Dr. Liang joined the Fed in 1986 as a research economist and left the organization in 2017. Since then, she has served as a Senior Fellow at the Brookings Institution in Washington, D.C., and as a consultant to the International Monetary Fund. In early 2009, Dr. Liang helped lead the government’s first round of bank stress tests that helped settle market fears about the resilience of the U.S.’s biggest banks.