U.S. president Joe Biden plans to nominate Joshua Frost, who has long worked at the Federal Reserve Bank of New York, as assistant secretary of the Treasury for financial market affairs, responsible for debt management, market supervision and regulation.
Biden will announce the nomination on Tuesday, according to a person familiar with the matter. Frost has been working at the Ministry of Finance this year as Deputy Assistant Secretary for Financial Markets. The nomination needs to be confirmed by the Senate.
Frost is likely to play a central role in the current assessment of the Treasury market. The trigger for the assessment was a brief but startling collapse of the $22 trillion US Treasury market during the Covid-19 outbreak in March 2020.
Nellie Liang, the deputy finance minister in charge of domestic financial affairs, will be the boss of Frost. Before joining the Treasury earlier this year, she said she was interested in potential reforms in the structure of the Treasury market. A panel of external experts led by former Treasury Secretary Timothy Geithner also recommended reform in a recent report.