By Jonnelle Marte and Trevor Hunnicutt WASHINGTON (Reuters) – President Joe Biden selected Daleep Singh, head of the markets team at the Federal Reserve Bank of New York, as his chief adviser on international economic affairs, the regional central bank said on Friday. . Singh will leave the bank in mid-February to become Biden’s deputy national security adviser, as well as deputy director of the national economic council, key policy development and diplomatic functions, the New York Fed said. The election adds another veteran of President Barack Obama‘s Washington to the new administration of his former vice president. Singh worked for the Treasury department during that administration, serving in financial markets and international affairs. The White House did not immediately respond to a request for comment. The news of Singh’s appointment to the Biden administration was first reported by Bloomberg https://www.bloomberg.com/news/articles/2021-02-05/biden-taps-new-york-fed-market- chief-as-deputy-for-national-security? sref = HFh69AJb. Singh joined the New York Fed last February, shortly before the new coronavirus pandemic triggered a wave of volatility in the market. In his role, he oversaw the Fed team that established a set of emergency loan programs aimed at restoring market stability. The New York Fed said it would begin the search for Singh’s successor “in the coming weeks” and that his director of the central bank and international accounts services, Anne Baum, would assume the role of group of markets on an interim basis. At the White House, Singh will prepare for America’s participation in the advanced economies of the Group of Seven and the Group of 20 major economies, which includes China. The G7 finance officials will meet on February 12, and the G20 finance officials will meet two weeks later, on February 26-27.
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