U.S. President Joe Biden will nominate Jay Shambaugh, a George Washington University professor and former Obama administration economic adviser, as the U.S. Treasury’s next undersecretary for international affairs, the White House said on Friday.
Biden also will nominate William Duncan as ambassador to El Salvador and Lesslie Viguerie as ambassador to the Kyrgyz Republic, the White House said. Both are career Foreign Service officers.
If confirmed by the U.S. Senate, Shambaugh, an expert in international monetary, fiscal and exchange rate policy, will fill a long-vacant post as the Treasury’s top diplomat, working to coordinate economic policy with international counterparts.
Andy Baukol, a longtime Treasury career assistant secretary, has been serving as acting undersecretary and leading Treasury’s negotiations in the G7 and G20 groupings of major economies.
David Lipton, a senior Treasury adviser and former No. 2 official at the International Monetary Fund, also has been helping to guide Treasury’s international policies for the past year. These initiatives included an unprecedented $650 billion distribution of IMF monetary reserves to member countries and a global deal for a 15% corporate minimum tax.