Biden Eyeing Lee, Rosenberg for Treasury Undersecretary Jobs

President Joe Biden is considering Nancy Lee, a former Treasury official, to serve as the department’s top diplomat, according to people familiar with the matter.

Separately, Elizabeth Rosenberg, currently a Treasury adviser and a former senior fellow at Washington think tank Center for a New American Security, is under consideration to lead the Terrorism and Financial Intelligence, or TFI, unit, the people said, speaking on condition of anonymity. TFI oversees most U.S. sanctions authorities and tracks money laundering and other financial crimes.

The two posts are key to America’s international engagement, and the pending nominations come as Treasury Secretary Janet Yellen seeks to restore multilateral collaboration -- particularly with American allies. The administration is also in the midst of reviewing U.S. policy toward China.

Both jobs are Treasury undersecretary positions, and require Senate confirmation. Former Federal Reserve official Nellie Liang has been picked by Biden to serve in the third such post, for domestic finance.

Lee, currently a senior policy fellow at the Center for Global Development, has served as a Treasury official handling policy on the Western Hemisphere and for Europe and Eurasia. She was also previously deputy chief executive officer of U.S. aid agency Millennium Challenge Corp.

Heidi Crebo-Rediker and Marisa Lago, who have previously been reported as contenders to oversee Treasury’s international affairs unit, remain under consideration, the people said.

A Treasury spokesperson didn’t respond to a request for comment.

The selection process indicates Yellen’s commitment to diversity at the Treasury, with four of her top-most aides on track to be filled by a minority or female candidate. If the Senate confirms Wally Adeyemo as deputy secretary, he will be the most senior-ranking Black person in the department’s history. Yellen herself is the first female Treasury chief.

The White House earlier on Thursday announced Biden’s plans to nominate Liang to serve in the role overseeing domestic areas including financial regulation and debt issuance.

Biden also plans to nominate Lily Batchelder as assistant secretary for tax policy, Ben Harris as assistant secretary for economic policy and Jonathan Davidson as assistant secretary for legislative affairs, according to a White House statement Thursday. The four positions are subject to Senate confirmation.

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