Home » Biden nominates Shambaugh economist as U.S. Treasury’s int’l chief

Biden nominates Shambaugh economist as U.S. Treasury’s int’l chief

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© Reuters. FILEPHOTO: This sign can be seen at the United States Department of the Treasury Headquarters in Washington, D.C., U.S.A, August 29, 2020. REUTERS/Andrew Kelly

By David Lawder

WASHINGTON (Reuters] – The White House has announced that Jay Shambaugh will be the next U.S. Treasury undersecretary in international affairs. He is a George Washington University economist and former Obama economic adviser.

The White House announced that Biden will also nominate William Duncan to El Salvador as Ambassador and Lesslie Viguerie to Kyrgyz Republic as Ambassador. They are both career Foreign Service officers.

Shambaugh is an international monetary and currency policy expert who will be confirmed by the U.S. Senate to fill the long-vacant position of Treasury’s top financial diplomat. He will coordinate economic policy between foreign governments.

Andy Baukol, Treasury career assistant secretary has been acting as undersecretary, leading Treasury’s negotiations within the G7 and G20 groups of major economic countries.

David Lipton is a former Treasury advisor and senior Treasury adviser. The International Monetary Fund’s No. 2 Official, David Lipton has also been assisting Treasury in guiding its international policy for the last year.

Shambaugh was nominated as an international representative to support financial sanctions against Russia for its invasion of Ukraine. The administration also seeks to coordinate policies that will sustain COVID-19 recovery efforts and combat inflation.

Shambaugh will be undersecretary of international affairs and would serve as the Treasury’s point-person for China relations. He also oversees the Treasury’s major shareholdings at the IMF, the World Bank and other institutions that play important roles after the conflict in Ukraine.

Shambaugh, who was elected to the White House Council of Economic Advisers in 2015-2017 during Obama’s administration, previously served on CEA staff as the chief economist and senior economist for international and regional economics. His service on the CEA transition team of Biden’s administration included a number of years.

Shambaugh, who has been a tenured professor of Economics and International Affairs at George Washington University’s Elliott School of International Affairs, since 2013, studies the interplay of exchange rate regimes, capital flows, and monetary policies.

Michael Klein is a Tufts University professor of international economic affairs who has taught Shambaugh since the 1990s. He said that his former student would bring thorough analysis to the job.

Klein said that Shambaugh wrote the 2009 book, “He does very careful empirical research, asking fundamental questions.”

Shambaugh led Brookings Institution’s Hamilton Project from 2017 through 2020. It is a collaboration of academics as well as business leaders to promote greater economic participation. A doctorate in economics is his from University of California Berkeley.

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