Biden taps New York fed market chief as national security deputy – Report

Singh oversaw implementation of the New York Fed’s emergency facilities during the Covid-19 pandemic, and previously served in domestic finance and international affairs roles in the Treasury Department during Barack Obama’s administration

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Daleep Singh
By Asia Samachar Team | UNITED STATES |

President Joe Biden plans to name New York Federal Reserve markets chief Daleep Singh to serve as deputy national security adviser, a move the White House says reflects a commitment to prioritizing U.S. workers in foreign policy, reports Bloomberg.

Singh oversaw implementation of the New York Fed’s emergency facilities during the Covid-19 pandemic, and previously served in domestic finance and international affairs roles in the Treasury Department during Barack Obama’s administration.

In his new role, it was reported he will serve as deputy National Economic Council director in addition to his post on the National Security Council, a structure the White House says is meant to break down silos. Singh will report to both National Security Adviser Jake Sullivan and NEC Director Brian Deese.

“Daleep will be tasked with refocusing U.S. international economic policy on the needs of working Americans,” Sullivan told Bloomberg in an emailed statement.

Singh is executive vice president and head of the Markets Group at the Federal Reserve Bank of New York. In this role, he oversees the group’s full portfolio, including implementing monetary policy, monitoring and analyzing global financial market developments, executing lender of last resort operations, providing financial services for foreign and international monetary authorities, providing capital market-related services to the U.S. Treasury as their fiscal agent, and administering and producing several reference rates for the U.S. money markets, according to his profile at its website.

It added that he plays a key role in developing and implementing the Bank’s strategic direction and priorities, and is a member of the bank’s executive committee.

Prior to joining the New York Fed, it said Singh was senior partner and chief U.S. economist at the global investment firm SPX Capital, from 2017 to 2019. Before that, he worked at the U.S. Department of the Treasury from 2011 to 2017, serving as acting assistant secretary for Financial Markets and deputy assistant secretary for International Affairs, helping to shape the Treasury Department’s crisis response to Ukraine, Russia, Greece, and Puerto Rico. Singh also directed the Treasury Department’s Markets Room, which provided real-time and thematic analysis for senior officials.

Prior to his tenure at the Treasury Department, Singh worked for Goldman Sachs, with a focus on U.S. interest rates and currency markets, from 2003 to 2007, and again from 2008 to 2011. He was also a partner at Element Capital Management from 2007 to 2008.

Singh a former adjunct senior fellow at the Center for New American Security and the Atlantic Council. He was also an adjunct professor of geoeconomics at Johns Hopkins School of Advanced International Studies.

He holds a bachelor’s degree with Duke University in economics and public policy. He also holds a master of business administration/master of public administration from the Massachusetts Institute of Technology, and Harvard University, with a focus on international economics.

 

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